Posts filed under “Philosophy”

Is Work Slavery? Taleb Thinks So…

“By setting oneself totally free of constraints, free of thoughts, free of this debilitating activity called work, free of efforts, elements hidden in the texture of reality start staring at you; then mysteries that you never thought existed emerge in front of your eyes.” ~ Nassim Nicholas Taleb

Readers of this blog are likely aware of Nassim Nicholas Taleb’s first two books, his 2001 debut, Fooled by Randomness, and his 2007 work, The Black Swan, which are based upon Taleb’s central idea: “our blindness with respect to randomness, particularly large deviations,” which speaks directly to the common follies of investors.

I recently read (and enjoyed) his 2010 book of aphorisms, Bed of Procrustes. In Greek mythology, Procrustes was the cruel owner of an estate where he would entertain traveling guests for dinner then offer them a place to rest. To make them fit his special bed, he would chop off their limbs or stretch them if they were too small. This works well as a metaphor for the modern world, where social conventions shape us into whatever fits its demands. And as individuals we resolve our tensions, as Taleb describes, “by squeezing life and the world into crisp commoditized ideas…” (Note: Barry has a similar and interesting take on investing with what he calls the danger of narratives.)

Although Taleb covers several topics in Procrustes, the one that struck me the most was his blunt comparisons of employment to slavery, a theme that finds itself often in my own philosophical observations (and rants).

Here are a few select aphorisms from the book, followed by a few of my own notes (I’d also love to hear any of your thoughts in comments that the quotes or notes may provoke):

Work destroys your soul by stealthily invading your brain during the hours not officially spent working; be selective about professions.

The three most harmful addictions are heroin, carbohydrates, and a monthly salary.

If you know, in the morning, what your day looks like with any precision, you are a little bit dead—the more precision, the more dead you are.

Those who do not think that employment is systemic slavery are either blind or employed.

The difference between technology and slavery is that slaves are fully aware that they are not free.

You have a real life if and only if you do not compete with anyone in any of your pursuits.

My perspective is similar to that of Aristotle’s: You’re not working if you love what you do; therefore, in this case, one’s profession is not slavery. But how many are fortunate enough to love what they do? It is normal to either dislike (or, at a minimum, tolerate) one’s work. But normal is not healthy.

The tension arising from “fitting ourselves” into the Procustean bed of engaging in work that we do not love is, at the root, and in my humble opinion, the reason people invest their money and it is the creator of the modern idea of retirement.

We give up our freedom now for freedom later, a freedom we believe can only be purchased with money.

What are your thoughts? Let me know in comments…

Kent Thune is the blog author of The Financial Philosopher. You can follow Kent on Twitter @ThinkersQuill.

Category: Philosophy

Comparative Advantage: The Tragedy of Tasmania

From Don Boudreaux’s Everyday Economics: Hat tip Marginal Revolution What can a small, isolated island economy teach the rest of the world about the nature and causes of the wealth of nations? When Tasmania was cut off from mainland Australia, it experienced the miracle of growth in reverse, as the reduction in trade and human cooperation…Read More

Category: Economy, Philosophy

Single Variable Market Analysis is for Losers

If you work in finance, you will invariably come across an example of single-variable analysis. Almost daily, we see terrible examples of this sort of analytic error, rife with logical weakness, yet offered with the highest degree of certainty. The way this works is as follows: Some ominous data point will be shown, along with…Read More

Category: Analysts, Data Analysis, Investing, Philosophy, Psychology, Quantitative, Really, really bad calls

What Are The Cult Firms of Today?

@ritholtz I’ve read about other orgs before, and they don’t usually talk about a “search for the truth” and “getting to the other side” — Joseph Weisenthal (@TheStalwart) June 8, 2014     The other day, I got into a Twitter discussion with Joe Weisenthal and others on the hedge fund Bridgewater. A WSJ article had described…Read More

Category: Corporate Management, Philosophy, Psychology

The Values of Science

Robert Krulwich’s commencement speech at California Institute of Technology gets at the heart of what Radiolab does.

From RadioLab

Category: Philosophy, Science, Video, Weekend

Infoposter: History of Economic Thought

Full size infographic after the jump
econ history

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Category: Digital Media, Economy, Media, Philosophy

My Unusual Career Path in Finance

I have been working in finance for two decades. Along with achieving whatever success and (internet) fame comes regular inquiries from the young’uns seeking advice on how to break into the field. On occasion, I have shared whatever small insights I might have with them. Along those lines, Tom Brakke of the blog The Research…Read More

Category: Apprenticed Investor, Markets, Philosophy

Keynes for Kids

click for interactive graphic Source: Keynes for Kids

Category: Economy, Philosophy

Piketty vs John Stuart Mill’s Marketplace of Ideas

Source: Amazon Any reader of this site has likely heard about the book currently setting the world of economics aflame. “Capital in the Twenty-First Century” was written by a French economist named Thomas Piketty. It is on the New York Times best-seller list and is currently sold out, with its publisher scrambling to print more…Read More

Category: Books, Philosophy, Really, really bad calls, UnGuru

The Ideological Middle Is Dead in Congress

Source: The Fix

Category: Digital Media, Philosophy, Politics