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
What this quote means
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.
Themes
SafetyDesireMeritIntegrityGolden Rule
In practice
Example use cases
During a motivational speech about personal growth.
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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.
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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.
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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.
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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.
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