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";s:4:"text";s:3657:"complicated crap.So long as society is getting richer, someone will try prayer, or some,equivalent form of intercession with the Lord, to give of nonlinearities and asymmetries similar to the minority rule. Power dynamics, life strategies, and owning your life.Taleb says in the introduction that “Skin in the Game” is about four topics:In a nutshell skin in the game means that if you get the rewards, you must also bear the risks.Complex systems don’t have obvious and simple cause and effect mechanisms.Starting a war to implement democracies is an example of messing with a complex system.These people keep staying at their jobs even their reckless decisions because they don’t have skin in the game.You either love Taleb or hate him for his attitude towards the people he disagrees with.In “Skin in the Game” he takes it on behavioral economics and authors such as Richard Thaler, the father of behavioral economics and the author of “.He says that Thaler’s and other social psychologists’ construct of “rational” makes no sense because you can’t decide on a desk what’s rational and what’s not.For Taleb, rational is what makes you survive (and thus passes the Lindy effect test).Taleb says that it’s perfectly rational to overestimate some tail risks because you can’t consider them in isolation.Driving after 2 glasses of wine once will not be extremely dangerous, but doing so every day is.When you measure tail risks in the laboratory you only consider one tail risks at a time, and that’s why their conclusions are wrong.Taleb says that what “creepy interventionist” Thaler doesn’t get is that what he refers to as “mental accounting” is exactly what allows traders to survive.Betting harder with money you won and being more conservative with your own money makes sense because that’s how you survive.Thaler and other behavioral economists don’t get it because they see the world as a one-shot-game instead of a series of repeated trades.In societies minorities can come to dictate the rules to the majority.This usually happens because of asymmetry or because when the majority is either too flexible, too accommodating or too indifferent.A case of asymmetry is between smokers and non-smokers.However, this can become an issue when the minority prevails because it’s more aggressive or more intolerant.Taleb says that we need to be intolerant with intolerance.Taleb says that employees display submission by going through years of personal deprivation.The question, asks Taleb is whether you want to be a housebroken dog or a free wolf.There are a few employees who are not broken dogs though.Taleb talks about traders who bring in lots of money, but the same is true for any employee who is a huge asset for the company and for his boss.I couldn’t agree more with what Taleb says on virtue signaling from corporations and upper classes as tantamount to manipulations.And Krugman was one of the economists who raved about that book.Taleb also says that it is immoral to be against the modern market system and not live in a cave in Afghanistan.Taleb says that it’s not the poor who are actually envious of the rich and it’s not the poor who first embrace communist movements.It’s usually the bourgeois and the intellectuals and the clerical class who first embrace communism.Intellectuals like, say, Steglitz and Krugman, cannot stand that someone less smart than they are is also much richer.You often hear people saying that you are more likely to die by X silly thing -ie. For example, a shareholder is more inclined to say positive things about the company, whose shares he holds. 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