- How to persuade effectively
- Rationality of stock price
- why use fundamental big ideas for mental models
- On the usage of mental models
- opportunity cost is a super power; incentives are a super power. Avoid bad incentives like the plague.
- read Alfred North Whitehead and Thomas Hunt Morgan
- Faults
- Unconnectedness
- Failure to attribute results to most fundamental explanation
- physics envy – economics will never be as concrete as physics
- overemphasis on macroeconomics
- not enough synthesis within economics - how do the various rules interact?
- Not knowing psychology
- Not paying attention to 2nd order consequences
- Not enough attention to febezzlement
- Not enough attention to virtue and vice effects
- Extreme success likely results from one or some of
in companies
- super maximisation/minimization of 1 or 2 key factors
- cominations of factors tending towards the same result
- great performance in many key areas
- catching a big wave
In people
- intense interest in subject required for intense success
- removal of ignorance is a moral obligation
- designing a gameable system is damaging to society as it encourages corrup behavior
the people who design easily gameable systems belong in the lowest circle of hell
- reciprocity tendency
- economics work better where there is earned trust
cash registers did more for human morality than the congregational church
the craving for perfect fairness causes a lot of terrible problems in system function ... there can be virtue in apparent non-fairnesss
- capital markets don't have to run like casinos. They can bre slow.
- Some paradox is unavoidable in real world. Envy is a necessary ingredient of strong economy.
- don't fool yourself
- On the usage of mental models
- read Fiasco: The Inside Story of a Wall Street Trader, and THE MORAL CONSEQUENCES OF ECONOMIC GROWTH