Friday, March 30, 2018

Skin in the Game

The subtitle is Hidden Asymmetries in Daily Life and the author is Nassim Nicholas Taleb (2018).

Taleb is a really smart guy who is libertarian and unapologetically anti-academic and anti-political correctness.  What he focuses on in this book is how he is bothered by the growing reality that people with control these days often have the least skin in the game.  Accordingly, they can casually dismiss and ultimately lack the ability to understand how their decisions can have terrible interactions and second- and third-order effects.  And while a theory can sound great and gets them points in their echo chamber, they do not bear the burden of the problems that follow.

By contrast, he admires those who risk, who try and fail as part of learning what has sustainability and real value.  As he puts it: “evolution can only happen if the risk of extinction is present”.  And what that can often mean is bucking convention and going against consensus.  It is scary and uncomfortable, but where the upside lies.  Competence comes from taking risks, and it is far more important to do than to talk.

Broken Money

The subtitle is Why Our Financial System is Failing Us and How We Can Make it Better , and the author is Lyn Alden (2023). I feel like I hav...