I've been getting into Nassim Taleb the last few days, a huge and original perspective, especially around the ideas (books) of Antifragile and Skin in the game.
His ideas take awhile to get used to because you have to realize that the world is inverted from how it should be, instead of virtue and character being rewarded, the fallible and fraudulent is protected. What should be fragilista the corrupt system has bolstered as antifragilista (via socialism for banks) and made the healthy system of entrepreneurship and local city-state models fragile (which should inherently by antifragile/adaptive).
Wikipedia has a good summary of Antifragile (which i paraphrase below) or else he has many great talks on youtube.
build a life which improves from environment's input. (intelligent learning)
have skin in the game: fairness, efficiency, and leads you do (partially) understand the world. character and integrity
in action, what to avoid or what not to do. (learning by the process of deduction) called "via negative", by subtraction, because we can't know the future (know what "it" is) it's much easier to know what it's not. also, charlatans will always add more complexity, which is nearly always harmful.
increasing in inevitability with each day that it exists (interesting view on the permanence of such basic things like chairs, books, and transportation devices, how "the more things change, the more they stay the same" even within technology)
"barbell strategies" … anything that evens the odds, the exposure, or the speculative balance of systems. (balancing risks, options, outs, etc)
be wary of wrong causations, generalizing, over confidence, arrogance, etc. …
be wary of the cons, the insiders, the cherry pickers, the scammers (and everyone that wants things fragilista for their own benefit (heads i win, tails you lose)
The elites enjoy turmoil and a rigged/protected fragilista system … They sell the myths of the necessity of their system but don’t buy them // They profit from the disorder, but in a negatively generative ways ... the black swans are passed off to the masses (while they are bailed out, craft corrupt laws, and promote wars instead of free commerce).
That is why the entire systems needs to be changed, to make the disincentives clear, to unbury the risk, and bring back respect for courage and condemnation for scoundrels.
Largest risks to society;
Centralization – Leveraged, Undisciplined, Speculative Debt – "No Skin in the Game"
Having "Skin in the Game" is an ancient concept related from everything from commerce to ethics - it is related to Eye for an eye but more graciously evolved into The golden rule. It is the opposite of every conflict of interest, moral hazard, arrogance, and herd and rationally obuse thinking that suppresses organic, free, and evolutionary growth in our crony capitalism system.