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TheRisksAStateOfMind 5 - 11 May 2008 - Main.AndrewGradman
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"Every year, I find 2 million dollars and I give it away to other people. You understand what I’m trying to say about the debt? The debt’s a state of mind. Smart people can get money. If you need money, get money." | |
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< | Someone asked Eben, “How did you pay your [law school] debts?” He responded by defining “debt” as anxiety, relieved by confidence in one’s ability to get money. | >
> | Someone asked Eben, “How did you pay your debts?” He responded by defining “debt” as anxiety, relieved by confidence in one’s ability to get money. | | | | |
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< | In the remaining lectures, I expected Eben to extend the analogy from debt to risk. I was disappointed that he never did. It's important that we not tolerate society’s slapping the word “risk” on what would be more usefully called “ignorance”--our own ignorance. When the economist claims that "markets reward risk," he characterizes wealth-distributions as random, which we could precisely predict if we revealed the latent differentials in information or understanding. That's an anti-intellectual attitude that treats intelligence as magic. It invites us to recite last year's knowledge rather than create new models of who knows what. | >
> | In the remaining lectures, I expected Eben to extend the analogy from debt to risk. I was disappointed that he never did. It's important that we not tolerate society’s slapping the word “risk” on what would be more usefully called “ignorance”--our own ignorance. When the economist claims that "markets reward risk," he characterizes wealth-distributions as random, which we could predict by revealing latent differentials in information or understanding. That's an anti-intellectual attitude that treats intelligence as magic. It invites us to recite last year's knowledge rather than create new models of who knows what. | | | "Every year, and while I’m talking to you, I have to find 2million dollars, or else I’ll have to fire people I really care about. That feels to me the same way is it does to you, except that I don't have the option of bankruptcy. (Except in the legal way.)" |
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