The second comic in our ‘Uncertain Worlds’ series explores the lessons from the financial crash of 2007-8.
In the run-up to the crash, the financial sector had become too reliant on complex algorithms and models. Some economic models had assumed such a crisis was impossible. Trades were being made in nanoseconds, and volatility spread very fast. Although the bankers thought they understood risks, it was clear that they had not been prepared for uncertainty and ‘unknown unknowns’.
Reflecting on these events, and on the practices of those who confront uncertainty every day – including pastoralists – can point to important lessons for the financial sector. They suggest the need to treat opaque and complex risk-based models and algorithms with caution, and acknowledge the possibility of surprise, allowing space for deliberation and better communication.
Read the comic
Read the article
DeMartino, G., Grabel, I. and Scoones I. (2024) Economics for an uncertain world. World Development 173, available online Oct 2023, DOI:10.1016/j.worlddev.2023.106426
About the Uncertain Worlds series
What are you uncertain about? If you can’t control or predict the future, how can you prepare for it? Uncertainty can be scary, but can it also be a source of hope or opportunity?
The PASTRES project is sharing seven comics in a series called ‘Uncertain Worlds’. It explores stories about uncertainty in the worlds of pastoralism, economics and finance, pandemics, migration, humanitarian aid, insurance and knowledge networks. Many of the comics draw on lessons from pastoralists, whose ways of life can help to challenge our assumptions of how to respond to the unpredictable and unknown.
The comics have been created by the artist Daniel Locke in collaboration with the PASTRES team. Each comic is linked to a peer-reviewed academic article produced in collaboration with the PASTRES project.
Exhibition: Uncertain Worlds
Large scale printed versions of the comics will be on show in October 2023 at an exhibition, Uncertain Worlds.
The exhibition will be in Brighton, UK from 25-29 October 2023. Opening hours are 11am – 5pm and entry is free.
Address:
Phoenix Art Space
10-14 Waterloo Place,
Brighton, BN2 9NB
(view map)
There will be a launch event on the evening of 24 October: email n.oxley@ids.ac.uk for details.
Find out more
For an overview and links to all the comics when they are published, visit the Uncertain Worlds page.
Pastoralism, Uncertainty and Resilience - PASTRES 