Nassim Nicholas Taleb on the Precautionary Principle and Genetically Modified Organisms
EconTalk
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Is There a Risk of Ruin?
Many people understand tat there is a risk of ruin, and can be very small. And ande, you know, sometimes weu gat to take it. You see, many people ant stand that and than yet, but few understand that that risk needs to be zero, not small. Why? Because think of what happens in the sequence of risk taking. If you take a risk, sit was a russian rule, at a risk of going and survive, what would you do next? You may take it again. A so many risks that are very, very small, because you've survived them lead to a hundred % risk of roing, right? Because you get wel
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