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Development and radical uncertainty

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  • Osvaldo Feinstein

Abstract

Development strategies, programmes and projects are designed making assumptions concerning several variables such as future prices of outputs and inputs, exchange rates and productivity growth. However, knowledge about the future is limited. Uncertainty prevails. The usual approach to deal with uncertainty is to reduce it to risk. Uncertainty is perceived as a negative factor that should and can be eliminated. This article presents an alternative approach which recognises that radical uncertainty is irreducible to risk, identifying a positive dimension of uncertainty and showing its implications for development practice.

Suggested Citation

  • Osvaldo Feinstein, 2020. "Development and radical uncertainty," Development in Practice, Taylor & Francis Journals, vol. 30(8), pages 1105-1113, November.
    • Handle: RePEc:taf:cdipxx:v:30:y:2020:i:8:p:1105-1113
    DOI: 10.1080/09614524.2020.1763258
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    Cited by:

    1. Richard Axelby & Bethel Worku‐Dix & Emma Crewe, 2022. "Global partnerships on paper and in practice: Critical observations from inside a Global Challenge Research Fund capacity‐development project," Journal of International Development, John Wiley & Sons, Ltd., vol. 34(8), pages 1496-1508, November.

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