Nassim Nicholas Taleb rant

Nassim Nicholas Taleb has written popular books about the role of randomness and probability in our world (The Black SwanFooled by RandomnessAntifragile).  He recently posted a rant against ideas advocated by behavioral economists like Cass Sunstein (author of Infotopia), saying:

“What we are seeing worldwide, from India to the UK to the US, is the rebellion against the inner circle of no-skin-in-the-game policymaking “clerks” and journalists-insiders, that class of paternalistic semi-intellectual experts with some Ivy league, Oxford-Cambridge, or similar label-driven education who are telling the rest of us 1) what to do, 2) what to eat, 3) how to speak, 4) how to think… and 5) who to vote for.”

He doesn’t apparently believe in many of the results in the area, saying that it “comes from misunderstanding of probability theory”.

He also spoke about needing to not be democratic at times: “Things need cleaning up. Yesterday in a meeting a fellow said that the process always starts to be very complex and then someone comes in and simplifies it. You need, once in a while, to reset the system, reboot it and simplify the procedures. Periodically, it is a switch between consensus and someone who is pushy.”

More at his Facebook page and The Indian Times.
(Contributor: Sharadh Krishnamurthy)

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Nassim Nicholas Taleb rant

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