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Nassim Nicholas Taleb on Work, Slavery, the Minority Rule, and Skin in the Game

EconTalk

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Are You a Slave or an Employee?

The point about having a slave versus a employees is a really interesting one. It highlights something can we talked about this in another one of our conversations, and it's so trivial, but it's so deep because it's so easily misunderstood. probabilities aren't the same as expectation. The odds of something being remote is not enough to mean you don't have to worry about it,. Because it pends on the consequences of that remote thing happening, not just the probability. So being a wiped out by your slave, or having been able to a punish your slave, is really very powerful.

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