A Case of Knightian Uncertainty | COVID-19

Frank Knight, an economist, formalised a distinction between risk and uncertainty in his 1921 book, Risk, Uncertainty, and Profit. In his classic book, Knight introduced a distinction between measurable uncertainty, which he called “risk,” and “true uncertainty,” which cannot “by any method be reduced to an objective, quantitatively determined probability.”

Lachen-Gurudongmar Lake-Chopta-Kala Patthar | North Sikkim

Gurudongmar lake is located at a surface elevation of 17,800 ft (5,430 m) and covers an area of 290 acres making it the largest lake in the whole of Sikkim. The India-China border is just a few kilometres away from the lake. This lake is considered very sacred by both Buddhists and Hindus. Guru Padmasambhava (8th century) and Guru Nanak (15th century) had blessed this lake.