Shared by JohnH

From Bloomberg Markets 50. HatTip to Dave Lull Hoping some audio or video of the panel comes available. NNT and Danny Kahneman on the same panel!

Taleb stated that “black swans” can’t be predicted. He pointed out lessons from the ancient world and the need for heuristics, or the experienced-based techniques of problem solving and learning.

“Technology has side effects,” Dr. Taleb said. “We don’t understand how things that don’t work. Do we implement more regulation or don’t regulate at all?”

He alluded to the ancients, who focused on preventative medicine as a way to keep human error in check—make the penalty for wrongdoing stiff enough and “risk is greatly reduced.” In the modern world, Dr. Taled said, “There will be more rogue traders, more government waste.”