How could economics not be behavioral? If it isn't behavioral, what the hell is it?
Charlie MungerRead
As I talk about strengths and weaknesses in academic economics, one interesting fact you are entitled to know is that I never took a course in economics. And with this striking lack of credentials, you may wonder why I have the chutzpah to be up here giving this talk. The answer is I have a black belt in chutzpah. I was born with it.
Interpretation
What this quote means
One can succeed despite lacking formal qualifications by having confidence and insight.
Charlie Munger highlights the importance of self-belief and the audacity to engage in discussions about topics one may not have formal qualifications in. His use of the phrase 'black belt in chutzpah' suggests that confidence and boldness in one's abilities can be more valuable than traditional credentials, encouraging others to pursue their interests and share their insights regardless of their formal background.
Themes
StrengthsWeaknessesEconomicsChutzpahConfidence
In practice
Example use cases
This quote can be used in a speech about pursuing one's passions despite formal qualifications.
More from Charlie Munger
All quotes →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.
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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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