Black Swans are circumstances that take civilization completely off guard because they occur with an extreme element of surprise. The source of these events often is not knowable and the frequency and duration of a Black Swan cannot be reliably predicted.
In the world of finance and economics, a Black Swan is the term given to an event which is impossible to predict in advance and that has extremely negative consequences for an economy. The author Nassim Nicholas Taleb, a former Wall Street trader, summarized the nature of these events in his 2007 book “The Black Swan”:
"First, it is an outlier … outside the realm of regular expectations, because nothing in the past can convincingly point to its possibility. Second, it carries an extreme…
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