Excerpted from Sebastian A.B. :
“Nassim Nicholas Taleb recognizes that “stochastic tinkering” rather than systematic, institutional agendas yield the greatest discoveries. Taleb is best known for coining the term “Black Swan,” to describe hard-to-predict and disproportionately momentous events.
Stochastic tinkering is a process of trial and error, present in all creative endeavors, where randomness plays a great role.
Taleb writes, in his essay The Birth of Stochastic Science (PDF):
– The world is giving us more “cheap options”, and options benefit principally from uncertainty. So I am particularly optimistic about medical cures. To the dismay of many planners, there is an acceleration of the random element in medicine putting the impact of discoveries in a class of Mandelbrotian power-law style payoffs. It is compounded by another effect: exposure to serendipity. People are starting to realize that a considerable component of the gravy in medical discoveries is coming from the “fringes”, people finding what they are not exactly looking for. It is not just that hypertension drugs lead to Viagra, angiogenesis drugs lead to the treatment of macular degeneration, tuberculosis drugs treat depression and Parkinson’s disease, etc., but that even discoveries that we claim to come from research are themselves highly accidental, the result of tinkering narrated ex post and dressed up as design. The high rate of failure should be sufficiently convincing of the lack of effectiveness of design. […] All the while institutional science is largely driven by causal certainties, or the illusion of the ability to grasp these certainties; stochastic tinkering does not have easy acceptance. Yet we are increasingly learning to practice it without knowing — thanks to overconfident entrepreneurs, naive investors, greedy investment bankers, and aggressive venture capitalists brought together by the free-market system [sic]. I am also optimistic that the academy is losing its power and ability to put knowledge in straightjackets and more out-of-the-box knowledge will be generated Wiki-style. But what I am saying is not totally new. Accepting that technological improvement is an undirected (and unpredictable) stochastic process was the agenda of an almost unknown branch of Hellenic medicine in the second century Mediterranean Near East called the “empirics”. Its best known practitioners were Menodotus of Nicomedia and my hero of heroes Sextus Empiricus. They advocated theory-free opinion-free trial-and-error, literally stochastic medicine. Their voices were drowned by the theoretically driven Galenic, and later Arab-Aristotelian medicine that prevailed until recently.”