> But “unknown” risks (even if actually quite easy to see) don’t have the same pushback from their investors.
Malcolm Gladwell had a phrase for this in a 1996 article about a vacation town that favoured hiring temp workers from the Caribbean (Gladwell is part-Caribbean) instead of black Americans who lived in nearby towns.
The employers made a decision on the basis known unknowns and unknown knowns. Gladwell described it thusly:
"Better the ghetto you don't know than the ghetto you know".
Yeah, it really all boils down to "you should have known better" - which is a horrible thing to say in many cases. It's what causes so much friction around hiring ex-felons, etc.
Malcolm Gladwell had a phrase for this in a 1996 article about a vacation town that favoured hiring temp workers from the Caribbean (Gladwell is part-Caribbean) instead of black Americans who lived in nearby towns.
The employers made a decision on the basis known unknowns and unknown knowns. Gladwell described it thusly:
"Better the ghetto you don't know than the ghetto you know".