Nassim Nicholas Taleb's Contribution to Economics

Nassim Nicholas Taleb's Contribution to Economics
Nassim Nicholas Taleb is a Lebanese-American author and scholar specializing in studying uncertainty, probability, and randomness problems. He was born in Amioun, Lebanon, in 1960 to Minerva Ghosn and Nagib Taleb: his family has a monarchial history of wealth and political influence that stretches back to his great-great-great-grandfather, who was the governor of Mount Lebanon back in 1866 (Nast, 2002). His affluent background allowed him to attend the 'Grand Lycee Franco-Libanais,' a well-respected French lycee (a term employed in the French education system to refer to the sixth form of college) in Beirut. Nassim Nicholas Taleb went ahead to earn his bachelor's degree and master's degree from the University of Paris in France. He secured a doctorate in management science from the Paris Dauphine University, where he majored in mathematical finance and wrote the essay "The Microstructure of Dynamic Hedging" under the tutelage of French scholar Helyette Geman (MacTutor, 2020). In 1983, the Lebanese-American author and scholar gained his MBA from the Wharton School of the University of Pennsylvania in Philadelphia, the U.S. Fifteen years later.
Nassim Nicholas Taleb did not set out to be an author and scholar but first started as a derivatives trader for The First Boston Corporation, a New York-based bulge bracket investment firm, where he was relatively successful. He managed to earn huge profits for the bank, notably when the stock market slumped in October 1987. The Lebanese-American author and scholar would later collaborate with Mark Spitznagel, an American hedge fund manager and financier investor, to found the hedge-fund company Empirica Capital LLC in 1999. During their partnership, Nassim Nicholas Taleb founded the Black Swan Strategy. This trading strategy would prove profitable when the NASDAQ plummeted in 2000. The Lebanese-American author and scholar made a considerable fortune: Empirica Kurtosis LLC, one of the several funds operated by Empirica Capital LLC, managed to secure more than 60% profit in 2000. Unfortunately, the succeeding years were not as profitable, and the partnership hedge fund company made significant losses over the next two years. For instance, the company only made less than 10% in 2003 and 2004 (TheFamousPeople, 2021).
In the following year, Nassim Nicholas Taleb closed the fund corporation down and decided to pursue a life in academia. In a Wall Street Journal article, he would later confess that he decided to quit his trading career to focus on becoming a writer and scholar. Given his extensive career of twenty years in the financial markets, the Lebanese-American author and scholar published several mathematical and philosophical works, including the highly acclaimed Incerto, a five-volume theoretical composition on improbability. Since quitting his trading career, he has been a professor at several tertiary institutions. For instance, in addition to his stints at the Courant Institute of Mathematical Sciences, New York University, and the University of Massachusetts between 1999 and 2005, he was a visiting professor at the London Business School. Between 2009 and 2013, the Lebanese-American author and scholar worked as a professor at the New ...