Management in the Time of Generalized Uncertainty the Question of Revelvance

Abstract

Uncertainty is a state of mind. Around 1930 at the beginning of the big depression crisis, Keynes predicted that during the next 100 years, the standard of living in the most advanced countries will increase from four to eightfold. In spite of World War II, this overly optimistic prediction (as it seemed at that time) was confirmed in the 80 years since Keynes’s prophecy. In spite of the big crisis of the 1930s and the devastation of World War II, the standard of living in the western world increased four to fivefold.