Ultimately, pursuit of perfect efficiency results in crystalline systems which are fragile.
Slack is the ur-antifragility.
(efficiency pursued for itself is AN enemy)
Slack is the ur-antifragility.
(efficiency pursued for itself is AN enemy)
Slack is time & permission to consider, reflecr, grow, enables finding new ways to thrive.
If risks werent treated as an externality this failure mode would be taken care of. Of course some unanticipated failure modes would always come and surprise us. I would be one happy person if the failures we see around us were all of this 'inconceivable' variety. Very few are, except when one buries one head in the sand and refuses to consider the fairly obvious risks.
For example, the financial entity that makes tons of money speculating in a worthless asset, then goes belly up when its worthlessness is exposed (I won't name the asset(s) to avoid a flame war).
You can't "price that in." You just avoid it.
Avoiding it falls in the same spectrum. It is equivalent to assigning an infinite cost to the risk .