This is an update of the 17 September 2018 release of this article analysing the economic costs of climate change on the U.S. economy in 2018. This update integrates the consequences, and especially the costs, of the super hurricane “Michael”, which hammered the Florida panhandle, then Georgia, North Carolina and Virginia, between the 10 and the 14 of October 2018 (Camilla Domonoske, “Michael Will Costs Insurers Billions, but Won’t Overwhelm the Industry, Analysts Say”, NPR, October 14, 2018).
“Michael” took over from “Florence”, the monster storm that hit and battered the U.S. East Coast on 12 September 2018. It looks like a new climate-related disaster “peak”. It could announce a transition towards possibly worse, considering the last 12 months of climate hellish conditions.
Thus, a major question arises: is climate change becoming a major risk for the U.S. economy? If yes, how should economic actors react (Jean-Michel Valantin, “Climate Change: The Long Planetary Bombing”, The Red (Team) Analysis Society, September 18, 2017)?
This second article on The Black Swan: the impact of the highly improbable by Nassim Nicholas Taleb emphasises some of the author’s points that could be useful to foresight and warning and all work dealing with anticipation, from risk management to horizon scanning through early warning. Many of those themes are actually allowed by the SF&W methodology, and are crucial to obtain a good analysis. The first article on The Black Swan can be accessed here. Humility (Notably pp.190-200) Considering uncertainty, but also our imperfect condition of human beings, the complexity of the social world, feedbacks, our more than insufficient knowledge and understanding, we must be very humble, accept our partial ignorance, our imperfection and mistakes (and make sure those essentially … Continue reading Useful Rules for Foresight from Taleb’s The Black Swan
As the label “black swans” is increasingly used but with different interpretations, this post reviews Taleb’s bestseller, the meaning of black swans events and evaluates if the author truly points to the absurdity of foresight.