Wednesday, April 24, 2013
Clearly the entire economics establishment, with about a million people on the planet involved in some aspect of economic analysis, planning, risk management, and forecasting, turned out to be turkeys owing to the simple mistake of not understanding the structure of Extremistan, complex systems, and hidden risks, while relying on idiotic measures and forecasts -- all this in spite of past experience, as these things have never worked before.
- Nassim Nicholas Taleb
Nassim Nicholas Taleb's work in "The Black Swan" is at its most brilliant when he points out the dangers that centralized forms of decision-making produce.
