Part 2/8:
The term "Black Swan" was popularized by economist Nassim Nicholas Taleb in his 2007 book, The Black Swan. Historically, swans were presumed to be only white until the discovery of black swans in Australia. This surprising revelation reflects the definition of a Black Swan; it describes an event that is unexpected, has a significant impact, and seems evident in hindsight.
For an event to qualify as a Black Swan, it must meet three criteria:
Unexpected: It is difficult to predict, though not necessarily unimaginable.
Major Impact: The event fundamentally changes civilization or a particular industry.
Clear in Hindsight: Once it occurs, it seems obvious.