We unwittingly amplify commonalities with friends, dissimilarities with strangers, and contrasts with enemies. - Nassim Nicholas Taleb

Why do [people] confuse probability and expectation, that is, probability [vs.] probability times payoff? Mainly because much... schooling comes from examples in symmetric environments... the... bell curve... is entirely symmetric.

In most disciplines... asymmetry does not matter. ...People in most fields ...do not have problems eliminating extreme values from their sample, when the difference in payoff between different outcomes is not significant ...A professor ...removes the ...s, and takes the average of the remaining ones, without ...being ...unsound. A casual weather forecaster does the same ...So people in finance borrow the technique and ignore infrequent events, not knowing that the effect ...can bankrupt a company.

Skin in the Game: Let the unemployed & those earning below some threshold decide on minimum wage, not some virtue signaling bureaucrat.