How could economics not be behavioral? If it isn't behavioral, what the hell is it?
Charlie MungerRead
Is there such thing as a cheerful pessimist? That's what I am.
Interpretation
A cheerful pessimist maintains a positive outlook while being realistic about challenges.
This quote by Charlie Munger captures the essence of someone who acknowledges the potential difficulties and negatives in life but chooses to face them with optimism. While pessimism often implies a focus on what could go wrong, a cheerful pessimist finds joy and humor in life despite this acknowledgment, suggesting a balanced perspective that combines realism with positivity.
In practice
While discussing life challenges during a motivational speech.
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.
The most solid comfort one can fall back upon is the thought that the business of one's life is to help in some small way to reduce the sum of ignorance, degradation and misery on the face of this beautiful earth.
The dialectic cannot stop short before the conceptsof health and sickness, nor indeed before their siblings reason and unreason.
The writers of the French enlightenment had deliberately used blasphemy as a weapon, refusing to accept the power of the Church to set limiting points on thought.
In the Light of interbeing, peace and happiness in your daily life means peace and happiness in the world.
God had only one Son, and He was a missionary.
We drift down time, clutching at straws. But what good's a brick to a drowning man?
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