Probability and Economic Consequences
- Black swan theory, term developed by Nassim Taleb to label unexpected, rare events
- The Black Swan, a book by Nassim Taleb often cited in financial circles
Read more about this topic: Black Swans
Famous quotes containing the words probability, economic and/or consequences:
“The source of Pyrrhonism comes from failing to distinguish between a demonstration, a proof and a probability. A demonstration supposes that the contradictory idea is impossible; a proof of fact is where all the reasons lead to belief, without there being any pretext for doubt; a probability is where the reasons for belief are stronger than those for doubting.”
—Andrew Michael Ramsay (1686–1743)
“Under weak government, in a wide, thinly populated country, in the struggle against the raw natural environment and with the free play of economic forces, unified social groups become the transmitters of culture.”
—Johan Huizinga (1872–1945)
“Results are what you expect, and consequences are what you get.”
—schoolgirl’s definition, quoted in Ladies’ Home Journal (New York, Jan. 1942)