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Taleb nails this in The Black Swan. He describes how capitalism is NOT meritocratic, it's more like it encourages people to blow huge sums on improbable ideas a
by ellius 11y ago
Taleb nails this in The Black Swan. He describes how capitalism is NOT meritocratic, it's more like it encourages people to blow huge sums on improbable ideas and, occasionally, they work.
- thanatropism 11y agoBy Taleb you surely mean von Mises, by von Mises you surely mean Schumpeter, by Schumpeter you surely mean Karl Marx. The speculative nature of capital has always been a core theme in economics. Yes, including "freshwater", "neoclassical" or "orthodox" economics.