Ülo Ennuste Economics

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Remark: Rumsfeld’s “known unknown”  logic seems to be Praxeological

„there are things we know we know there are some things [we know] we do not know. But there are also unknown unknowns – the ones we don’t know we don’t know.“ (Donald Rumsfeld „Known and unknown: a memoir“ SENTIEL 2011 p xiii)

–          Indeed – this assertion is overlooking  the existence of the fact like „unknown knows“   –  knows we do not know but others do. In this way we are free to take practical Actions (see e.g. http://en.wikipedia.org/wiki/Praxeology) without  vesting  time for any further research: and according  to classical Decision Theory we may implement suboptimal strategies.




August 29, 2012 - Posted by | Uncategorized

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