Uncertainty vs. Risk
Definition
Distinguishing between uncertainty and risk, Yuen Yuen Ang defines uncertainty as open-ended possibilities—both good and bad—that cannot be known in advance, whereas risk means negative outcomes that can be calculated and controlled.
For full definition, see glossary
Speaking
Y.Y. Ang. Harvard Center for International Development. GEM26: Reimagining International Development, Panel on Orchestrating Economic Transformation: From Local Experiments to National Strategy. 5 May 2026.
Harvard’s post-event blog: Yuen Yuen Ang described the need for what she called “directed improvisation," a model in which government does not simply dictate outcomes but creates the conditions for adaptation and learning. “In the 21st century, we have to confront a new question, which is, what can governments do when they don't know in advance what will work?” she said. “Uncertainty is not a bug. It is a feature."
Public Writing
Y.Y. Ang. “Industrial Policy for an Age of Uncertainty.” Project Syndicate. 25 May 2026.