Russ Roberts talks with Nassim Taleb. I was most interested in the latter third of the conversation, where Taleb talks about his radical empiricism. For example, he argues that medicine makes more progress with trial-and-error than with knowledge of biological processes.

Although I found that statement too extreme, I think that his general concern is valid. That is, our knowledge is limited, and yet we must make decisions. The challenge is to make decisions that are not costly given our limited knowledge.

It’s a very stimulating discussion.