How could economics not be behavioral? If it isn't behavioral, what the hell is it?
Charlie MungerRead
The game of life is the game of everlasting learning. At least it is if you want to win.
Interpretation
Life is a continuous learning process essential for success.
This quote by Charlie Munger emphasizes the importance of lifelong learning as a crucial element to achieving success in life. Just as a game requires skill and strategy, navigating through life demands a commitment to learning and adapting, suggesting that those who embrace this mindset are more likely to 'win' in their pursuits.
In practice
During a personal development workshop, using this quote can inspire attendees to commit to continuous learning.
How could economics not be behavioral? If it isn't behavioral, what the hell is it?
The world of derivatives is full of holes that very few people are really aware of. It's like hydrogen and oxygen sitting on the corner waiting for a little flame.
I believe in the discipline of mastering the best that other people have ever figured out. I don't believe in just sitting down and trying to dream it all up yourself. Nobody's that smart.
Economics is in many respects the queen of the soft sciences. It's expected to be better than the rest. It's my view that economics is better at the multi-disciplinary stuff than the rest of the soft science. And it's also my view that it's still lousy.
Look at this generation, with all of its electronic devices and multitasking. I will confidently predict less success than Warren, who just focused on reading.
Economics profession, they've been - they've been confident in various formulas, but economics is not physics. The same formula that works in one decade doesn't work in the next. Economics is a difficult subject.
As a kid I would get my parents to drop me off at my local library on their way to work during the summer holidays and I would walk home at night. For several years I read the children's library until I finished the children's library. Then I moved into the adult library and slowly worked my way through them.
Far too often, girls are not given the space and opportunities they need to achieve their full potential.
The stuff that I learned on 'Sons,' the education of how to tell stories, was part of that mythology. It's hard to look at it and go, 'Oh, if I knew this, I would have done it this way,' because the fact is I like to think that all that sort of unraveled as it was supposed to.
As long as you're just smart enough to do a job and just dumb enough to swallow what they feed you, you're gonna be alright. But if you go beyond that then you're gonna have these grave doubts that give you stomach problems, headachesmake you want to go out and do something else. So, I believe that schools mechanically and very specifically try and breed out any hint of creative thought in the kids that are coming out.
In my work as a historian and in my relationships as a friend, teacher, wife, and mother, I have come to think that the most useful way to understand the past and make it work for you is to look at the trade-offs and contradictions that, however deeply buried, can be uncovered in every memory, good or bad.
While we pay lip service to the virtues of reading, the truth is that there is still in our culture something that suspects those who read too much, whatever reading too much means, of being lazy, aimless dreamers, people who need to grow up and come outside to where real life is, who think themselves superior in their separateness.
Subscribe for the occasional hand-picked quote. No noise.