Chance
Art Sammler
A loyal Marginal Revolution reader, attempting to once again tempt Tyler Cowen into a Dear Abby moment, asks:
Tell us how "Knightian [i.e., unquantifiable] uncertainty can be made operational"...

This obfuscatory term reminds me of the Dire Straits lyric:
History boils over, there's an economics freeze,
Sociologists invent words that mean industrial disease

If you want chance to "be operational" for you, then be alert to events and analyze them for opportunities. Louis Pasteur has already said the final word on this topic:
Chance favors the prepared mind.

Mr. Cowen takes the bait, here.
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