Many markets work best with little or no outside interference. But others - especially those subject to big 'externalities' - need a helping hand.
Eric MaskinRead
Perhaps one day earthquakes, hurricanes and financial crashes will all be predictable. But we don't have to wait until then for seismology, meteorology and economics to become sciences; they already are.
Interpretation
What this quote means
The quote suggests that while future events may become predictable, the sciences that study them are valid and established now.
Eric Maskin emphasizes the importance of recognizing that fields such as seismology, meteorology, and economics are already scientific disciplines, even if they cannot predict every event with certainty. He highlights that scientific understanding exists and evolves, and we should value the knowledge we have instead of waiting for total predictability in complex systems.
Themes
SciencePredictabilityStormsEconomicsKnowledge
In practice
Example use cases
In a lecture about the advancements in scientific research, I could use this quote to illustrate the evolution of our understanding of natural disasters.
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