If you hear a "prominent" economist using the word 'equilibrium,' or 'normal distribution,' do not argue with him; just ignore him, or try to put a rat down his shirt.
Nassim Nicholas TalebThe central idea in The Black Swan is that: rare events cannot be estimated from empirical observation since they are rare.
Nassim Nicholas TalebIs the economy something organic or is it something engineered? I think it's closer to the organic. You harm it by artificially suppressing volatility in it.
Nassim Nicholas Taleb