Wild randomness is uncomfortable. Its mathematics is unfamiliar and in many cases remains to be developed. It looks difficult, often requiring elaborate computer simulations rather than a quick punch on a calculator. Unfortunately, the world has not been designed for the convenience of mathematicians. There is much in economics that is best described by this wilder, unpleasant form of randomness—perhaps because economics is about not just the physics of wheat, weather, and crop yields, but also the mercurial moods and unmeasurable anticipations of wheat farmers, traders, bakers, and consumers.
