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Skin in the Game by Nassim Nicholas Taleb • risk management • mathematical finance

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Book cover of Skin in the Game by Nassim Nicholas Taleb - risk management

society ● psychology ● money

Recommendation 3 / 5

Skin in the game, in general, is about if you have the rewards you must also get some of the risks. In such a case, you shouldn’t have an option to let others pay the price of your mistakes. For instance, bureaucracy is a construction by which a person is conveniently separated from the consequences of his or her actions. The worst casualty has been a free market as the public already prone to hating finances conflating free market and higher order forms of corruption and cronyism when in fact it is the exact opposite. It is government, not markets that makes these issues possible…