By Peter L. Bernstein
Publisher: John Wiley & Sons, Inc.
ISBN – 0-471-29563-9
This book is a unique exploration of the role of risk in society. The author argues that the notion of bringing risk under control is one of the central ideas that distinguish modern times from the distant past. This is a chronicle of the remarkable intellectual adventure that liberated humanity from oracles and soothsayers by means of the powerful tools of risk management that are available to us today.
The story-frame is the financial and insurance world but by extension, what is said there about risk management is of interest to anyone dealing with aviation’s own risk picture. While the book is eminently readable and enjoyable, do not expect an easy trip. Some parts might require that you slow down a little or even re-read a few pages.
With chapter titles like “Clouds of vagueness and the demand for precision” and “Degrees of belief: exploring uncertainty”, one might think this book is not for the faint hearted. But Peter Bernstein manages to treat his subject with skill and flair resulting in a book that you will not want to put down.