How could economics not be behavioral? If it isn't behavioral, what the hell is it?
Charlie MungerRead
The game of life is the game of everlasting learning. At least it is if you want to win.
Interpretation
Life is a continuous learning process essential for success.
This quote by Charlie Munger emphasizes the importance of lifelong learning as a crucial element to achieving success in life. Just as a game requires skill and strategy, navigating through life demands a commitment to learning and adapting, suggesting that those who embrace this mindset are more likely to 'win' in their pursuits.
In practice
During a personal development workshop, using this quote can inspire attendees to commit to continuous learning.
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.
In a television interview, I said that diversity in our children's books should include the adventures of disabled children, travellers and gipsies, LGBT teens, different cultures, classes, colours, religions. It shouldn't be a token gesture, nor do such stories need to be 'issue-based'.
One of the issues I kept saying to my students is you have to learn to interrupt. When you raise your hand at a meeting, by the time they get to you, the point is not germane. So the bottom line is active listening. If you are going to interrupt, you look for opportunities. You have to know what you're talking about.
The door available to everyone that can lead to happiness & success is the modest door of the public library. I found it to be so in my own life and work.
Teachers teach because they care. Teaching young people is what they do best. It requires long hours, patience, and care.
My law school class in the late 1950s numbered over 500. That class included less than 10 women.
All wish to possess knowledge, but few, comparatively speaking, are willing to pay the price.
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