Robert F. Engle Quotes
The advantage of knowing about risks is that we can change our behavior to avoid them. Of course, it is easily observed that to avoid all risks would be impossible; it might entail no flying, no driving, no walking, eating and drinking only healthy foods, and never being touched by sunshine. Even a bath could be dangerous.
Engle, Robert F. "Risk and Volatility: Econometric Models and Financial Practice." The American Economic Review, vol. 94, no. 3, American Economic Association, June 2004, p. 405.
In this particular case Griffin was referring to manned space flight, but the principle is a general one. Risk can be managed and in many cases minimized, but can never be eliminated completely unless virtually all activity ceases.
Robert Fry Engle III is an American statistician and the winner of the 2003 Nobel Memorial Prize in Economic Sciences, sharing the award with Clive Granger, "for methods of analyzing economic time series with time-varying volatility (ARCH)".
