But individuals and firms spend an enormous amount of resources acquiring information, which affects their beliefs; and actions of others too affect their beliefs.
Interpretation
Information shapes beliefs and influences decisions.
This quote by Joseph Stiglitz highlights the crucial role that information plays in forming our beliefs and guiding our actions. It suggests that not only do individuals and organizations invest heavily in gathering information, but also that the beliefs and actions of others have a significant impact on our own beliefs, acknowledging the interconnectedness of knowledge and societal influence.
In practice
In a presentation on business strategy, one might say, 'As Joseph Stiglitz points out, the beliefs we hold and the decisions we make are heavily influenced by the information we acquire.'
Free migration within Europe means that countries that have done a better job at reducing unemployment will predictably end up with more than their fair share of refugees. Workers in these countries bear the cost in depressed wages and higher unemployment, while employers benefit from cheaper labor.
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That's the secret: be interesting. If you can't be interesting, shut up. There's nothing wrong with silence.
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