Probability and expectation are not the same. Its probability and probability times the pay off.

You want to favor systems that benefit from error, disorder, variability and things like that. You want to favor these systems and unfortunately, when - there's something I call the Soviet Illusion. The more the government becomes intrusive, the more things have to follow a script, and it can't handle this kind of system.

In economic life and history more generally, just about everything of consequence comes from black swans; ordinary events have paltry effects in the long term.

A country's assets reside in the tinkerers, the hobbyists, and the risk-takers.

Poverty is clearly one source of emotional suffering, but there are others, like loneliness.

Janet Yellen at the FED is equivalent to having a biology schoolteacher who has never seen blood perform brain surgery.

We tend to use knowledge as therapy.