MT's Risky Business Week: Tim Harford, author of Adapt

In our fourth interview, the celebrated economist explains why some risks are riskier than others - and why it's not just up to banks to save the economy.

by MT Staff
Last Updated: 09 Oct 2013

Given that he bills himself as the Undercover Economist, Tim Harford should know a thing or two about risk. In our fourth interview of the week, the author told us why it’s important for businesses to spread their risks. ‘You are going to fail,’ he said. ‘Just make sure it’s easy for you to pick yourself up and dust yourself down.’

He also explained why identifying failure can sometimes be tricky. ‘It can often be really hard to figure out that one of your risks has gone bad.’

Finally, he points out that although some believe the banks got us into this mess in the first place, it’s up to everyone to get us out. ‘In a recession, it’s not only the banks’ responsibility. They triggered this, but they can’t necessarily get us out of it.’

- Read MT's review of Harford's latest book, Adapt

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