How could economics not be behavioral? If it isn't behavioral, what the hell is it?
Charlie MungerRead
What do you want to avoid? Such an easy answer: sloth and unreliability. If you're unreliable it doesn't matter what your virtues are. You're going to crater immediately. Doing what you have faithfully engaged to do should be an automatic part of your conduct. You want to avoid sloth and unreliability.
Interpretation
What this quote means
The quote emphasizes the importance of reliability and diligence over mere virtue.
Charlie Munger highlights the significance of being dependable and hardworking in one's endeavors. He suggests that qualities like sloth and unreliability can overshadow any virtues one may have; if you fail to follow through on commitments, it can lead to failure, regardless of your innate goodness. Therefore, cultivating reliable behaviors and a strong work ethic is essential for success.
Themes
ReliabilityDiligenceWork EthicCommitmentSloth
In practice
Example use cases
In a motivational speech to employees about the importance of work ethic.
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All quotes βThe 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.
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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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