Chapter
Prudent Risk-Taking in Economics
1:23:24 - 1:31:01 (07:36)
This podcast discusses the idea that profit and loss encourage prudent risk-taking, not reckless risk-taking, while also exploring the concept of "you're not free to desist from it". The guest speaker provides insight into the importance of weeding out losing strategies and taking into account the effect of economic decisions.
Clips
The speaker talks about a stick on the Virginia side of Great Falls National Park that people argue is the flood line and anything built higher than that sign will be safe from flooding.
1:23:24 - 1:25:13 (01:48)
Summary
The speaker talks about a stick on the Virginia side of Great Falls National Park that people argue is the flood line and anything built higher than that sign will be safe from flooding.
ChapterPrudent Risk-Taking in Economics
Episode#613: Russ Roberts on Lessons from F.A. Hayek and Nassim Taleb, Decision-Making Insights from Charles Darwin, The Dangers of Scientism, Wild Problems in Life and the Decisions That Define Us, Learnings from the Talmud, The Role of Prayer, and The Journey to Transcendence
PodcastThe Tim Ferriss Show
The concept of skin in the game encourages prudent risk taking and weeds out imprudent risk takers, preventing reckless behavior in the market.
1:25:14 - 1:28:39 (03:25)
Summary
The concept of skin in the game encourages prudent risk taking and weeds out imprudent risk takers, preventing reckless behavior in the market. This principle applies even if one is not actively paying attention to the market.
ChapterPrudent Risk-Taking in Economics
Episode#613: Russ Roberts on Lessons from F.A. Hayek and Nassim Taleb, Decision-Making Insights from Charles Darwin, The Dangers of Scientism, Wild Problems in Life and the Decisions That Define Us, Learnings from the Talmud, The Role of Prayer, and The Journey to Transcendence
PodcastThe Tim Ferriss Show
Nassim Nicholas Taleb discusses his book, "Anti-Fragile," and the concept of fragility in modern world systems.
1:28:39 - 1:31:01 (02:21)
Summary
Nassim Nicholas Taleb discusses his book, "Anti-Fragile," and the concept of fragility in modern world systems. Although the idea of being unable to opt-out is often considered a religious concept, individuals of any background can relate to the feeling of uncontrollable systems in their lives.