Nobody reads the disclosures that roll down your computer screen. You click 'I agree' but you don't know what you're agreeing to.
Nassim Nicholas TalebRead
Years ago, I noticed one thing about economics, and that is that economists didn't get anything right.
Interpretation
What this quote means
The quote critiques the reliability of economists and their predictions.
Nassim Nicholas Taleb highlights the limitations of economic forecasting, suggesting that economists often fail to accurately predict outcomes. This commentary reflects a broader skepticism towards the discipline, advocating for a more cautious approach to trusting economic forecasts and models.
Themes
EconomicsPredictionsCritiqueSkepticismForecasts
In practice
Example use cases
In a lecture on the limitations of economics, I quoted Taleb to emphasize the unpredictability of financial markets.
More from Nassim Nicholas Taleb
All quotes βFragility is the quality of things that are vulnerable to volatility.
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Those who were unlucky in life in spite of their skills would eventually rise. The lucky fool might have benefited from some luck in life; over the longer run he would slowly converge to the state of a less-lucky idiot. Each one would revert to his long-term properties.
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Individuals should think about the worst-case scenarios and plan for them. The world will be crazier than you think it will be. Put money away, and then you can live with much more freedom.
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A good maxim allows you to have the last word without even starting a conversation.
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A Stoic is someone who transforms fear into prudence, pain into transformation, mistakes into initiation, and desire into undertaking.
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