Social trap is a term used by psychologists to describe a situation in which a group of people act to obtain short-term individual gains, which in the long run leads to a loss for the group as a whole.Sound familiar? It seems we are on the wrong end of a social trap.
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Social Dilemmas
Tragedy of the commons
Black Swan Theory
Taleb's Ten Principles for a Black Swan Robust World
Taleb enumerates ten principles for building systems that are robust to Black Swan Events:[10]
- What is fragile should break early while it is still small. Nothing should ever become Too Big to Fail.
- No socialisation of losses and privatisation of gains.
- People who were driving a school bus blindfolded (and crashed it) should never be given a new bus.
- Do not let someone making an "incentive" bonus manage a nuclear plant – or your financial risks.
- Counter-balance complexity with simplicity.
- Do not give children sticks of dynamite, even if they come with a warning.
- Only Ponzi schemes should depend on confidence. Governments should never need to "restore confidence".
- Do not give an addict more drugs if he has withdrawal pains.
- Citizens should not depend on financial assets or fallible "expert" advice for their retirement.
- Make an omelette with the broken eggs.
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