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The theory, central to Nassim Taleb's work, that having personal stake—"skin in the game"—is essential for reliable knowledge, ethical behavior, and functional systems. Skin in the Game Theory argues that those who make decisions should bear the consequences of those decisions. Without skin in the game, decision-makers become irresponsible, taking risks that harm others while remaining protected themselves. The theory explains why bureaucracies fail (no personal consequence for bad decisions), why experts are often wrong (they don't suffer from their advice), and why capitalism needs bankruptcy (to remove those who made bad bets). Skin in the Game is the great filter of bullshit: if you're not affected by your advice, your advice is suspect. The theory is a weapon against the "I'll tell you what to do but won't do it myself" class that has come to dominate modern institutions.
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