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by davidkretch
898 days ago
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A similar insight from economist Daniel Davies from 2005: >> The optimal frequency of disasters is not zero. This graceful formulation is due to Prof. Richard Portes, who used to say it about emerging market financial crises. However, it’s a fundamental principle of risk management and one of entirely general application. Most dangers can be absolutely eliminated for all practical purposes, but only at unacceptable cost. https://blog.danieldavies.com/2005/07/?m=1 |
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