Lessons from AIG: Chaos and Consequences

Galileo tried to teach us that adding more and more layers to a system intended to avert disaster often makes catastrophe all the more likely. His basic lesson has been ignored in nuclear power plants, financial markets and at the Oscars... all resulting in chaos. At the 2017 Academy Awards, Warren Beatty and Faye Dunaway famously handed the Best Picture Oscar to the wrong movie. In this episode of Cautionary Tales, Tim Harford takes us through all of the poor design choices leading into the infamous La La Land/Moonlight debacle, and how it could have been prevented.

Cautionary Tales

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