Searched immediately for Taleb as he is the most notable example of calling this out.
The second being a classic Munger idea of misaligned incentives. Doctors hardly get to practice medicine anymore and is why old variations of common sayings like “Never trust a doctor who only knows medicine, a lawyer who only knows law, or a pharmaceutical company that only knows profits” still circulate. Except the punchline has become reality for a number of professions.
The second being a classic Munger idea of misaligned incentives. Doctors hardly get to practice medicine anymore and is why old variations of common sayings like “Never trust a doctor who only knows medicine, a lawyer who only knows law, or a pharmaceutical company that only knows profits” still circulate. Except the punchline has become reality for a number of professions.