Nassim Nicholas Taleb on the Precautionary Principle and Genetically Modified Organisms
EconTalk
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Is Nature a Thin Tail Process or a Fat Tail Process?
Nature has produced some sentiale things under a process that it has to have some kind of balance. But nature doesn't deliver erer senttals between species. Look at an elephant versus a mouse. A this is very fat process. Or the difference in size between a mammas and a bacteria. Under all life o gan, the same life as can take longer form. So nature has is effectively largely fat tailed. And the way we define fat e in in a paper is as rigorously as in the class. We call some exfinential class.
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