Black Swan Theory (Wiki)
I only became aware of this theory, which says there are events that take place without advance warning, but can have a large or extreme impact, and in hindsight, we should have seen it coming.
Many people are obsessing over Ebola, in turn fretting over who may have it, can I catch it, and what to do about all of that. The media lately is trying to convince Americans they are making mountains out of molehills. Are they?
Ebola was discovered and identified in Africa in the 1970's, where there have been repeated smaller outbreaks, relatively speaking. Now that world travel has lead to an unprecedented spread to the USA, many people are very worried, and rightly so. The disease has a high mortality rate, depending on a variety factors, such as general health of the patient at the time of infection. In African outbreaks the mortality rate is as high a 90%.
We are also being told that we can only contract the virus by exchanging bodily fluids with a symptomatic carrier. The incubation period is up to 21 days, after which you can be assured you have not been infected.
This all means we have a very low probability of catching the disease, but if we do, we have a high probability of dying from it. These attributes make Ebola a black swan of sorts.
Given what we do know, the question should be what policy is appropriate for dealing with potential infections. Should we quarantine people who have been near others we know to be infected? Under what circumstances should we quarantine people or not?
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