The economy, explained, with stories and surprises. Imagine you could call up a friend and say, "Meet me at the bar and tell me what's going on with the economy." Now imagine that's actually a fun evening. That's what we're going for at <em>Planet Money</em>. People seem to like it.
August 18th, 2010
Episode 299 of 964 episodes
Today, we hear from Nassim Taleb, the former Wall Street trader who published a book called the Black Swan back in 2007. The book argues that most economic models fail because they don't take into account rare, high-impact events that wind up driving history. (Taleb calls these events Black Swans.) The argument came out looking pretty good after the 2008 financial crisis. Earlier this year, a new edition of the book came out, with a new section called "On Robustness & Fragility." Among other things, the new section includes a prescription for withstanding a Black Swan. The short version: Get rid of debt.