Radical uncertainty

How do leaders make important decisions when the stakes are high, the data is flawed and the outcome is unknowable? Often badly — in part, because they rely on bogus quantification instead of seasoned judgement. That's one of the themes outlined in a new book by former Bank of England governor Mervyn King and economist John Kay. In this podcast, we explore that perplexing issue at the heart of their newly released book, "Radical Uncertainty: Decision-Making Beyond the Numbers."

Mervyn King, former governor of the Bank of England, is a professor at New York University and emeritus professor at the London School of Economics. He is the author of "Radical Uncertainty" and "The End of Alchemy," among other books.

John Kay is a visiting professor at the London School of Economics and a fellow of St John's College, Oxford University. As the director, he established the Institute for Fiscal Studies as one of Britain's most respected think tanks.

Your host Matt Miller is the policy and communications advisor for Capital Group. An author and former Washington Post columnist, Matt was co-host of the public radio program Left, Right & Center.

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