Perhaps the phenomenon we are witnessing now has less to do with action or risk-taking than with the simple observation that people, not institutions, create economic wealth. A Rediscovery of business as a process limited only by the boundaries of each individuals intelligence, imagination,energy & daring.
A general criticism of decision theory based on a fixed universe of possibilities is that it considers the ” KNOWN UNKNOWNS” , It focuses on expected variations , not on unforeseen events.
It is summarised as ” the misuse of games ” to model real life situations.
” Basing studies of chance on the narrow world of games &dice”
Predictive models are based on platonified forms,gravitating towards mathematical purity& failing to take some key ideas into account.
to state an example mathematical notions in chaos theory to further state butterfly effect.