Saturday Night Science: Skin in the Game

“Skin in the Game” by Nassim Nicholas TalebThis book is volume four in the author’s Incerto series, following Fooled by Randomness, The Black Swan, and Antifragile. In it, he continues to explore the topics of uncertainty, risk, decision making under such circumstances, and how both individuals and societies winnow out what works from what doesn’t in order to choose wisely among the myriad alternatives available.

The title, “Skin in the Game”, is an aphorism which refers to an individual’s sharing the risks and rewards of an undertaking in which they are involved. This is often applied to business and finance, but it is, as the author demonstrates, a very general and powerful concept. An airline pilot has skin in the game along with the passengers. If the plane crashes and kills everybody on board, the pilot will die along with them. This insures that the pilot shares the passengers’ desire for a safe, uneventful trip and inspires confidence among them. A government “expert” putting together a “food pyramid” to be vigorously promoted among the citizenry and enforced upon captive populations such as school children or members of the armed forces, has no skin in the game. If his or her recommendations create an epidemic of obesity, type 2 diabetes, and cardiovascular disease, that probably won’t happen until after the “expert” has retired and, in any case, civil servants are not fired or demoted based upon the consequences of their recommendations.... [Read More]

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Saturday Night Science: At Our Wits’ End

“At Our Wits' End” by Edward Dutton and Michael Woodley of MenieDuring the Great Depression, the Empire State Building was built, from the beginning of foundation excavation to official opening, in 410 days (less than 14 months). After the destruction of the World Trade Center in New York on September 11, 2001, design and construction of its replacement, the new One World Trade Center was completed on November 3, 2014, 4801 days (160 months) later.

In the 1960s, from U.S. president Kennedy’s proposal of a manned lunar mission to the landing of Apollo 11 on the Moon, 2978 days (almost 100 months) elapsed. In January, 2004, U.S. president Bush announced the “Vision for Space Exploration”, aimed at a human return to the lunar surface by 2020. After a comical series of studies, revisions, cancellations, de-scopings, redesigns, schedule slips, and cost overruns, its successor now plans to launch a lunar flyby mission (not even a lunar orbit like Apollo 8) in June 2022, 224 months later. A lunar landing is planned for no sooner than 2028, almost 300 months after the “vision”, and almost nobody believes that date (the landing craft design has not yet begun, and there is no funding for it in the budget).... [Read More]

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