I think that a lot of people in all walks of life have the impression, of course, that, 'I specialize in something. I can't - I don't have the time to read other things. I'll just go to pure entertainment when I'm relaxing, and then I'll come back to my pure specialty.' That produces - that attitude produces idiot savants, unfortunately.
Interpretation
This quote emphasizes the importance of broadening one's knowledge beyond a specific area of expertise.
Robert J. Shiller warns against the narrow-minded approach of only focusing on one's specialty while neglecting other fields of knowledge. He suggests that this reliance on specialization can lead to a lack of well-rounded understanding and critical thinking, likening those who adopt such a mindset to 'idiot savants' who excel in one area but lack broader wisdom or insight.
In practice
In a talk about personal development, one might use this quote to encourage the audience to explore new subjects.
Those on the downside of rising economic inequality generally do not want government policies that look like handouts. They typically do not want the government to make the tax system more progressive, to impose punishing taxes on the rich, in order to give the money to them. Redistribution feels demeaning. It feels like being labeled a failure.
Speculative markets have always been vulnerable to illusion. But seeing the folly in markets provides no clear advantage in forecasting outcomes, because changes in the force of the illusion are difficult to predict.
That's the world we live in: when it comes to economics, people have emotions; it's not like chemistry or physics.
Money management has been a profession involving a lot of fakery - people saying they can beat the market, and they really can't.
We should not be focusing on quick solutions. The really important concern for policymakers everywhere is to prevent disasters - that is, the outlier events that matter the most.
If we wait until income inequality is much more severe, we will have a whole class of new superrich who will probably feel entitled to their wealth and will have the means to defend their interest. That's already gone far enough. We shouldn't let it become more extreme.
How often we all have heard speakers begin by calling the attention of the audience to their lack of preparation or lack of ability. If you are not prepared, the audience will probably discover it without your assistance.
High school is neither a democracy nor a dictatorship - nor, contrary to popular belief, an anarchic state. High school is a divine-right monarchy. And when the queen goes on vacation, things change.
If you care about being thought credible and intelligent, do not use complex language where simpler language will do.
If you look at other countries, you'll find lots of girls doing physics, engineering, and science. It's something to do with the kind of culture we have in the English-speaking world about what's appropriate for each of the two sexes.
This is the sense in which I am obliged to be a listener. To listen to the student's doubts, fears, and incompetencies that are part of the learning process. It is in listening to the student that I learn to speak with him or her.
All students enter law school with a certain amount of idealism and desire to serve the public, but after three years of brutal competition we care for nothing but the right job with the right firm where we can make partner in seven years and earn big bucks.
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