Skin in the game

If ever asked who does TAFKAS look to for intellectual inspiration, in the top 5 is always Nassim Taleb.  Always.  Taleb of the black swan and skin in the game.

It’s not on Youtube so the video can’t be embedded, but watch this interview with Taleb here.

Nassim Taleb: Ray Dalio Is “Profoundly Mistaken” About capitalism

His views on entrepreneurship, risk and government are always insightful and particularly so here.

On his point about jobs and wealth creation being about taking risks, failure and sharing of the pain, consider that when you vote on Saturday.

The administrative state has not only taxed entrepreneurship to near oblivion in Australia, but have build a regulatory edifice that seeks to de-risk the economy.  It’s as if they want to turn the entire Australian economy into the public service.  Oh wait.

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12 Responses to Skin in the game

  1. Nathan

    Every time a pollie stands up and talks about all the jobs their government has created I have to resist the urge to through something through the telly.

  2. Goanna

    De-risking dovetails with feminising the military and the police.

  3. Bad Samaritan

    Nathan. In the case of The Donald (peace be upon him) he has brought the jobs back to the US, and his policies are creating the right conditions for ever more jobs.

    Yesterdayii linked to the US furniture firm (Sonomo) which stated that because of the China tariffs, they were now back in the US…and a few thousand jobs came with them. And then today I’ve read that Stanley/Black+Decker have just announced a new tool plant with 500 new jobs too.

    All these manufacturing jobs flooding back into the US. Where can ScoMo or Bill get one of those “Magic Wands” I wonder!

  4. Arky

    I thought you took your inspiration from Daffy Duck.

  5. Nathan

    Bad Samaritan, I’m all in on The Donald and happy to give him props for working to create an environment where entrepreneurs and businesses are prepared to risk their capital to create wealth and a supply side economic boom (thanks be to Prof. Kates and his tome ‘Free Market Economics’).
    Our bone headed pollies have swallowed the [AD = C + I + G + X – M] dogma and believe they can spend their way to economic utopia with our hard earned. A pox on all their houses.

  6. Roger

    The administrative state has not only taxed entrepreneurship to near oblivion in Australia, but have build a regulatory edifice that seeks to de-risk the economy.

    It’s business too.

    If it’s not crony capitalism it’s entrepreneurs asking the state – i.e. the tax payer – to supply them with everything from start up grants to equipment and work space.

  7. thefrollickingmole

    Talib is god.

    Plus he insults all the right people.
    https://twitter.com/nntaleb/status/1128289415871258625

    Nassim Nicholas Taleb
    @nntaleb
    May 10
    More
    What socialists, academics, neocons, and other idiots share is the belief that it is the intentions, and not so much the results, that matter.

  8. JohnJJJ

    It is all about “regression to the mean”. The modern mean has No outliers. The hump of the mean is like gravity, it pulls everything there. Outliers create art, wealth, beauty.. The ‘norm’ is safety, predictability, living under a blanket…. and then when you are 65 it is a cruise down the Danube, complaining all the time about the food, stops, smell, person in next cabin. The mean lives in the ACT. Increasingly they are retired/superannuated into rural towns in the hope of recreating the youth and life they want to relive. Let’s have a “Writers Festival”, …. They have to kill any local industry: logging, farming, dams, mining as that is not done or some spurious climate change argument. So they are destined to the slow decline of their super and the long march to the local hospital, lingering death and the cemetery. At least there will be room.

  9. Tel

    What socialists, academics, neocons, and other idiots share is the belief that it is the intentions, and not so much the results, that matter.

    Taleb jumped onto that boat a little late … appearances are what matters, been that way some time.

  10. anonandon

    Arky,

    Pepe Le Pew was a persistent devil. Persistent to the point of being a bit rapey, even then. Hard to see those cartoons getting made these days but then again, Family Guy…

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