Monthly Archives: November 2010

‘The Bed of Procrustes’ by Nassim Nicholas Taleb – NYTimes.com

Shared by JohnH

NY Times reviews The Bed of Procrustes. HatTip to Dave Lull

Sarah Josephine Taleb

Nassim Nicholas Taleb

THE BED OF PROCRUSTES

Philosophical and Practical Aphorisms

By Nassim Nicholas Taleb

112 pages. Random House. $18.

That said, it is extremely foolhardy to try to paraphrase any of Mr. Taleb’s pronouncements. This is a man who suffers fools impatiently, and his intellect makes his hauteur largely justified. Watch any video clip in which he is being interviewed — or, worse, has to keep quiet while someone else tries and fails to understand whatever he has just said — if you need convincing.

No readers of “The Black Swan,” “Fooled by Randomness” or any of Mr. Taleb’s academic writings about economics, probability, risk, fragility, philosophy of statistics, applied epistemology, etc., will question whether he is qualified to dish out wisdom. And none will be surprised that Mr. Taleb, unlike the inspirational writer he calls “my compatriot from a neighboring (and warring) village in northern Lebanon, Kahlil Gibran, author of ‘The Prophet,’ ” can be blistering. His observations concern superiority, wealth, suckerdom, academia, modernity, technology and the all-purpose, ignorant “they” who dare to doubt him.

Even his book’s title, “The Bed of Procrustes,” is intentionally harsh. As he reminds readers in a brief introduction, the Procrustes of Greek mythology was the cruel and ill-advised fool who stretched or shortened people to make them fit his inflexible bed. Mr. Taleb’s new book addresses the latter-day ways in which “we humans, facing limits of knowledge, and things we do not observe, the unseen and the unknown, resolve the tension by squeezing life and the world into crisp commoditized ideas, reductive categories, specific vocabularies, and prepackaged narratives, which, on the occasion, has explosive consequences.”

It has taken medicine 2500 years to realize that, like epistemology, healing & therapy are largely subtractive, not additive: you cure by removing elements from peoples' lives (say foods, carbs, medications, nicotine, bosses, cars, New Jersey, etc), not by adding (medication, computers, technologies ).

It has taken medicine 2500 years to realize that, like epistemology, healing & therapy are largely subtractive, not additive: you cure by removing elements from peoples' lives (say foods, carbs, medications, nicotine, bosses, cars, New Jersey, etc), not by adding (medication, computers, technologies ).

Summa Theologiae, the notion of Book-as-Monument. Missing a piece of the works feels equivalent to owning a large painting with a missing area. These derive their splendor from their comprehensiveness.Books as monument (though not Summas): Bayle's Dictionaire (16 vol!),Proust's Recherche, Gibbon's D&F, Zola's Rougon Macquart, Martin Du Gard's Les Thibault, Anthony Something Dance to the Music of Time…

Summa Theologiae, the notion of Book-as-Monument. Missing a piece of the works feels equivalent to owning a large painting with a missing area. These derive their splendor from their comprehensiveness.
Books as monument (though not Summas): Bayle's Dictionaire (16 vol!),Proust's Recherche, Gibbon's D&F, Zola's Rougon Macquart, Martin Du Gard's Les Thibault, Anthony Something Dance to the Music of Time…

The denigration of anti-fragility is in a sentence that dominates Summa Theologiae; one variant: "Agen autem non movet nisi ex intentione finis", an agent does not move except out of intention for an end; in other words THAT AGENTS ARE SO RATIONAL THEY KNOW WHERE THEY ARE GOING.& who dominates this discourse on teleology? Not "the philosopher" (Aristotle), but the more pervasive "commentator", IbnRushd aka Averroes.

The denigration of anti-fragility is in a sentence that dominates Summa Theologiae; one variant: “Agen autem non movet nisi ex intentione finis”, an agent does not move except out of intention for an end; in other words THAT AGENTS ARE SO RATIONAL THEY KNOW WHERE THEY ARE GOING.
& who dominates this discourse on teleology? Not "the philosopher" (Aristotle), but the more pervasive "commentator", IbnRushd aka Averroes.

Taleb Says Fed Policymakers `Do Not Understand Risk’

http://www.youtube.com/watch?v=mhSRaehWSvY
(This video is unavailable. )

The risks stemming from the Federal
Reserve’s efforts to stimulate the economy through bond
purchases are “humongous” and the central bank doesn’t fully
understand the potential effects, said Nassim Taleb, author of
“The Black Swan.”

“These people do not understand risk,” Taleb said in an
interview on Bloomberg Television’s “InsideTrack” program with
Erik Schatzker. He compared U.S. central bank policy makers to
the managers of Long-Term Capital Management LP, the hedge fund
that failed in 1998.

The Fed, led by Chairman Ben S. Bernanke, announced a plan
to buy an additional $600 billion in government debt last week
to support the economy after purchasing $1.7 trillion of assets
from December 2008 through March. Bernanke doesn’t understand
that the plan risks unintended consequences such as
hyperinflation and that it may ultimately backfire and introduce
a new crisis to global markets, Taleb said.

“He is someone who talks about returns without talking
about risk,” Taleb said. “It’s identical to a pilot talking
about speed and not talking about safety. The measure he’s
taking, quantitative easing, may work but should it fail the
risks are humongous.”