We tell our children unsettling fairy tales to teach them valuable life lessons, but these Cautionary Tales are for the education of the grown-ups — and they are all true. Tim Harford (Financial Times, BBC, author of “Messy” and “The Undercover Economist”) brings you stories of awful human error, tragic catastrophes, daring heists, and hilarious fiascos.https://www.youtube.com/embed/8KeOxeuiZjs?feature=oembed
Galileo tried to teach us that adding more and more layers to a system intended to avert disaster often makes catastrophe all the more likely. His basic lesson has been ignored in nuclear power plants, financial markets and at the Oscars… all resulting in chaos. At the 2017 Academy Awards, Warren Beatty and Faye Dunaway famously handed the Best Picture Oscar to the wrong movie. In this episode of Cautionary Tales, Tim Harford takes us through all of the poor design choices leading into the infamous La La Land/Moonlight debacle, and how it could have been prevented.