The roll of leverage and debt is seductive, but it leaves you vulnerable to collapse. We've stopped the natural feedback loops that would encourage people to learn from hedangers of debt. And as a result, we keep making the same mistakes. In other words, evolution does not preach. You know what? It does? It destroys.
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.