forecasting has an error that is like several billion times the rate you may have for a five day fore cast. No company tries to project its inventory ten years from now, because they know it's a waste of time. Governments should shoot for positives, revenues mean surplus, ok? Because they're getting a worse deficit, just just so they don't get too big a deficit. You see, thats o that a soro donese measure instead of running the thing. I mean, they're sailing too close to the wind. And and er, what all this is is good tut thisis the biggest mystery for me is that what i'm saying is obviousit how come it does a register
Nassim Taleb, author of The Black Swan and Fooled by Randomness, talks with EconTalk host Russ Roberts about his latest thoughts on robustness, fragility, debt, insurance, uncertainty, exercise, moral hazard, knowledge, and the challenges of fame and fortune.