I think that a lot of people in all walks of life have the impression, of course, that, 'I specialize in something. I can't - I don't have the time to read other things. I'll just go to pure entertainment when I'm relaxing, and then I'll come back to my pure specialty.' That produces - that attitude produces idiot savants, unfortunately.
Interpretation
This quote emphasizes the importance of broadening one's knowledge beyond a specific area of expertise.
Robert J. Shiller warns against the narrow-minded approach of only focusing on one's specialty while neglecting other fields of knowledge. He suggests that this reliance on specialization can lead to a lack of well-rounded understanding and critical thinking, likening those who adopt such a mindset to 'idiot savants' who excel in one area but lack broader wisdom or insight.
In practice
In a talk about personal development, one might use this quote to encourage the audience to explore new subjects.
Those on the downside of rising economic inequality generally do not want government policies that look like handouts. They typically do not want the government to make the tax system more progressive, to impose punishing taxes on the rich, in order to give the money to them. Redistribution feels demeaning. It feels like being labeled a failure.
Speculative markets have always been vulnerable to illusion. But seeing the folly in markets provides no clear advantage in forecasting outcomes, because changes in the force of the illusion are difficult to predict.
That's the world we live in: when it comes to economics, people have emotions; it's not like chemistry or physics.
Money management has been a profession involving a lot of fakery - people saying they can beat the market, and they really can't.
We should not be focusing on quick solutions. The really important concern for policymakers everywhere is to prevent disasters - that is, the outlier events that matter the most.
If we wait until income inequality is much more severe, we will have a whole class of new superrich who will probably feel entitled to their wealth and will have the means to defend their interest. That's already gone far enough. We shouldn't let it become more extreme.
I convinced myself economic empowerment of women was going to be key, especially in a country like this where most women didn't go to school.
Creativity is the key to success in the future, and primary education is where teachers can bring creativity in children at that level.
Instead of going to Paris to attend lectures, go to the public library, and you won't come out for twenty years, if you really wish to learn.
The benefits of prison education go beyond lowering recidivism rates and increasing post-release employment. It can also rekindle a sense of purpose and confidence.
The hardest conviction to get into the mind of a beginner is that the education upon which he is engaged is not a college course, not a medical course, but a life course, for which the work of a few years under teachers is but a preparation.
Children want the same things we want. To laugh, to be challenged, to be entertained, and delighted.
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