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I disagree with the followers of Marx and those of Adam Smith: the reason free markets work is because they allow people to be lucky, thanks to aggre… - Nassim Nicholas Taleb
" "I disagree with the followers of Marx and those of Adam Smith: the reason free markets work is because they allow people to be lucky, thanks to aggressive trial and error, not by giving rewards or "incentives" for skill.
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About Nassim Nicholas Taleb
Nassim Nicholas Taleb (born 1 January 1960 in Amioun, Lebanon) is an essayist, epistemologist, researcher, and former practitioner of mathematical finance.
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Nassim Taleb
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Additional quotes by Nassim Nicholas Taleb
Even the fathers of statistical science forgot that a random series is bound to exhibit some pattern... Pearson was among the first scholars interested in creating artificial random number generators, tables one could use as inputs for... simulations (precursors of our Monte Carlo simulator). ...[T]hey did not want these tables to exhibit... regularity. Yet real randomness does not look random! ...A single random run is bound to exhibit some pattern ...
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Under opacity and in the newfound complexity of the world, people can hide risks and hurt others, with the law incapable of catching them. Iatrogenics has both delayed and invisible consequences. It is hard to see causal links, to fully understand what’s going on.
Under such epistemic limitations, skin in the game is the only true mitigator of fragility.
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