Black Swan Events: Understanding the Impact of Unpredictable and Rare Occurrences
Black swan events are unpredictable and rare occurrences that have a significant impact on society and the economy. These events are characterized by their extreme rarity, high impact, and difficulty in predicting them. Black swan events can take various forms, including natural disasters, pandemics, financial crises, and terrorist attacks. These events are often referred to as “black swans” because they were once thought to be nonexistent, but when they do occur, they have a profound impact on society.