A Quote by Nassim Nicholas Taleb

I disagree with the followers of Marx and those of Adam Smith: the reason free markets work is because they allow people to be lucky, thanks to aggressive trial and error, not by giving rewards or "incentives" for skill.

Nassim Nicholas Taleb

Quote Topics

Adam Aggressive Allow Because Disagree Error Followers Free Free Market Giving Incentives Lucky Markets Marx People Reason Rewards Skill Smith Thanks Those Trial Trial And Error Work

Quote Author

Nassim Nicholas Taleb
Lebanese - Scientist
Born: 1960

For both Adam Smith and Karl Marx the essential work of caring for people, starting in early childhood, was "just women's work" - and in their minds not even classified as "productive work."

Riane Eisler

There is a lot in Adam Smith that reflects the insights of Rousseau and anticipates those of Marx.

Allen W. Wood

I debated free trade in college. I came out as a free trader. I'm a free markets guy. I'm an Adam Smith guy.

Sam Wyly

The American system of political spending is so unregulated that it might make Adam Smith rethink free markets.

Jon Meacham

I won't close down a business of subnormal profitability merely to add a fraction of a point to our corporate returns. I also feel it inappropriate for even an exceptionally profitable company to fund an operation once it appears to have unending losses in prospect. Adam Smith would disagree with my first proposition and Karl Marx would disagree with my second; the middle ground is the only position that leaves me comfortable.

Warren Buffett

From the equilibrium and spontaneous order of Adam Smith and his heirs, from invisible-handed markets and perfect competition, supply and demand, and rewards and punishments, I was pushed to theories of disequilibrium and disorder, and information and noise, as the keys to understanding economic progress.

George Gilder

If you go back to Adam Smith, you find the idea that markets and market forces operate as an invisible hand. This is the traditional laissez-faire market idea. But today, when economics is increasingly defined as the science of incentive, it becomes clear that the use of incentives involves quite active intervention, either by an economist or a policy maker, in using financial inducements to motivate behavior. In fact, so much though that we now almost take for granted that incentives are central to the subject of economics.

Michael Sandel

Doubts are suppressed by groups... But remember that the internal incentives that shape how the group perceives risks and rewards may be very different from the reality of the risks and rewards in the external marketplace. Those incentives can distort risk perception.

Daniel Kahneman

The most distinguished advocate and the most distinguished critic of modern captialism were in agreement on one essential point: the job makes the person. Adam Smith and Karl Marx both recognized the extent to which people's attitudes and behaviors take shape out of the experiences they have in their work.

Rosabeth Moss Kanter

I'd like to talk about free markets. Information in the computer age is the last genuine free market left on earth except those free markets where indigenous people are still surviving. And that's basically becoming limited.

Russell Means

Reason and free inquiry are the only effectual agents against error... They are the natural enemies of error, and of error only... If [free enquiry] be restrained now, the present corruptions will be protected, and new ones encouraged.

Thomas Jefferson

. . I think the Adam Smith role was played in this cycle i.e. the late twentieth century collapse of socialism in which the idea of free-markets succeeded first, and then special events catalyzed a complete change of socio-political policy in countries around the world by Friedrich Hayek's The Road to Serfdom.

Milton Friedman

The program of A.A., as written by Bill Wilson and Dr. Smith, only has one purpose: to get you sober. That's it. To make you a better person, forget it. That was one of the things he came to understand in those years of trial and error. It has to be about only one thing.

Susan Cheever

There are two very different types of artists: those I call Old Masters, who work by trial and error and tend to improve with age, and conceptual people, or Young Geniuses, who generally do their best work early in their careers.

David Galenson

Storytelling is a very old human skill that gives us an evolutionary advantage. If you can tell young people how you kill an emu, acted out in song or dance, or that Uncle George was eaten by a croc over there, don't go there to swim, then those young people don't have to find out by trial and error.