Nassim Taleb Interviewed by Russ Roberts

A truly outstanding discussion of risk, hyperinflation, Wall Street, debt, science and other topics.

Taleb’s web site is here, and some of the new material discussed in the interview from the new paperback edition of The Black Swan is available here.

Hayek on the Risk-Taking Cycle & the Business Cycle

It’s become newly fashionable today, but Hayek has ALWAYS emphasized the existence of a risk cycle in the midst of the boom / bust cycle.  Here’s an example:

“Inflation at first merely produces conditions in which more people make profits and in which profits are generally larger than usual.  Almost everything succeeds, there are hardly . . . → Read More: Hayek on the Risk-Taking Cycle & the Business Cycle

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Random Quote

Rational behavior is not a premise of economic theory .. the basic contention of theory is rather that competition will make it necessary for people to act rationally in order to maintain themselves. — F. A. Hayek

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