How could economics not be behavioral? If it isn't behavioral, what the hell is it?
Charlie MungerRead
I got at a very early age, the idea that the safest way to try and get what you want, is to try and deserve what you want._x000D_ It’s such a simple idea, it’s the golden rule so to speak. You want to deliver to the world what you would buy if you were on the other end.
Interpretation
Desiring what you want is best achieved by being worthy of it.
Charlie Munger conveys the idea that to obtain what you desire in life, you should focus on earning it through personal merit and integrity. By putting in the effort to become deserving of your aspirations, you are more likely to achieve success, as it aligns with the principle of treating others the way you wish to be treated, which is often referred to as the golden rule.
In practice
During a motivational speech about personal growth.
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.
I am overcome by my own amazing sloth...Can you please forgive me and believe that it is really because I want to do something well that I don't do it at all?
Gaze into the fire, into the clouds, and as soon as the inner voices begin to speak... surrender to them. Don't ask first whether it's permitted, or would please your teachers or father or some god. You will ruin yourself if you do that.
Always face what you fear. Have just enough money, never too much, and some string. Even if it’s not your fault, it’s your responsibility. Witches deal with things. Never stand between two mirrors. Never cackle. Do what you must do. Never lie, but you don’t always have to be honest. Never wish. Especially don’t wish upon a star, which is astronomically stupid. Open your eyes, and then open your eyes again.
It is worse still to be ignorant of your ignorance.
It is the focus on the highest ideal day after day that saves life from being wrapped up in small whirlwinds.
Healing for me is being able to sit next to the butcher and say 'Yes, I’m sitting next to the butcher now,' instead of saying 'there is no butcher'.
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