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Opinion | The bureaucratic muddle that has made a bad scenario worse

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Among our few certainties is the economic aftershock we face and its aggravation by authorities Rationality, despite what many economists and philosophers like to believe, is hardly a defining human trait.

And in times such as these, when the world is fighting a pandemic, irrationality rules. A key reason why we do stupid things in challenging times is that we find it difficult to differentiate between risk and uncertainty.

Simply put, risk is when one has some idea of the chances of losing when taking an action. Uncertainty is when you have no clue what the outcome is going to be.

In mathematical terms, in the case of risk, the outcome is unknown, but the probability distribution governing that outcome is known.

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
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