All the risks of the regime fall presently to students and taxpayers. Not only is this unfair and morally questionable, but it leads directly to undesirable outcomes.
The result of safety improvements is not only fewer disasters, but also weirder disasters.
Nassim Nicholas Taleb is right – even the cleverest people can get probability wrong.
Why should the ministers and senior civil servants responsible for the ruin of nations be able to get away it?
When the media reports on a complicated issue, the truth can be horribly distorted – not so much through outright… Read more »
In the process of becoming rich, famous and outspoken, Nassim Nicholas Taleb – the best-selling author of The Black Swan… Read more »
Those who compare the financial sector to the gambling industry show little understanding of either. Whereas casinos, bookies and the… Read more »
The ancient Babylonians knew a thing or two about nudging. Or, at any rate, Hammurabi’s code – the first legal… Read more »
What happens when two atheists and two agnostics meet for lunch? When the folk in question are, respectively, John Gray, Alain… Read more »