Nassim Taleb’s lecture at JMU on Black Swan events has many implications for mathematical economics and economics in general. Black Swans are defined by Taleb to be events that are outside “the realm of our expectations,” have extreme impacts, and can be explained after the fact. Aside from the obvious financial market and crisis examples, try to think of how a black swan event has altered our perceptions of an economic theory. Do Black Swan events apply only to financial markets and macroeconomics, or should we consider them in fields like health economics, public finance, monetary theory, and other fields? How has the “Gaussian” or “normal” error shaped other fields of economic theory, and how do you think we can adapt any models to account for Black Swan events?