Money and Finance
- Richard Duncan Quotes
“There is one other aspect of the quantity theory of money that is important to understand. This theory is concerned with the impact that a change in the quantity of money (M) has on the price level (P ). It does not preclude the possibility, however,...
- Darwin's Darkest Hour (nova Documentary)
This two-hour scripted drama tells the remarkable story behind the unveiling of the most influential scientific theory of all time, Charles Darwin's theory of evolution by natural selection. The program is a special presentation from NOVA and National...
- George Soros' Remarks At The Festival Of Economics, Trento Italy
Ever since the Crash of 2008 there has been a widespread recognition, both among economists and the general public, that economic theory has failed. But there is no consensus on the causes and the extent of that failure. I believe that the failure is...
- Paper: William D. Hamilton’s Work In Evolutionary Game Theory
Abstract William D. Hamilton’s impact on contemporary views of evolution has been nothing short of revolutionary, and his contributions to our reasoning on kin selection, genomic conflicts, parasitism and costs of sex dominate these fields. He also...
- A Big Deal: Poker Is Getting Younger, Cleverer, Duller And Much, Much Richer
At the highest level, decisions about betting, bluffing and folding are based on the complex juggling of probabilities. “What drew me to poker is that it is essentially an academic endeavour,” says Ms Duke. She is one of a growing group of full-time...
Money and Finance
Theory-structure as a superpower...
I've mentioned it before, but I think it is one of the most important quotes from Charlie Munger in showing why the latticework of mental models can be so powerful, so I thought I'd post it again after the most recent re-read. It is from his talk "The Psychology of Human Misjudgment" in Poor Charlie's Almanack:
When I started law practice, I had respect for the power of genetic evolution and appreciation of man’s many evolution-based resemblances to less cognitively-gifted animals and insects. I was aware that man was a “social animal,” greedy and automatically influenced by behavior he observed in men around him: I also knew that man lived, like barnyard animals and monkeys, in limited size dominance hierarchies, wherein he tended to respect authority and to like and cooperate with his own hierarchy members while displaying considerable distrust and dislike for competing men not in his own hierarchy.
But this generalized, evolution-based theory structure was inadequate to enable me to cope properly with the cognition I encountered. I was soon surrounded by much extreme irrationality, displayed in patterns and sub patterns. So surrounded, I could see that I was not going to cope as well as I wished with life unless I could acquire a better theory-structure on which to hang my observations and experiences. By then, my craving for more theory had a long history. Partly, I had always loved theory as an aid in puzzle solving and as a means of satisfying my monkey-like curiosity. And, partly, I had found that theory-structure was a superpower in helping one get what one wanted. As I had early discovered in school wherein I had excelled without labor, guided by theory, while many others, without mastery of theory, failed despite monstrous effort. Better theory, I thought, had always worked for me and, if now available, could make me acquire capital and independence faster and better assist everything I loved.
- Richard Duncan Quotes
“There is one other aspect of the quantity theory of money that is important to understand. This theory is concerned with the impact that a change in the quantity of money (M) has on the price level (P ). It does not preclude the possibility, however,...
- Darwin's Darkest Hour (nova Documentary)
This two-hour scripted drama tells the remarkable story behind the unveiling of the most influential scientific theory of all time, Charles Darwin's theory of evolution by natural selection. The program is a special presentation from NOVA and National...
- George Soros' Remarks At The Festival Of Economics, Trento Italy
Ever since the Crash of 2008 there has been a widespread recognition, both among economists and the general public, that economic theory has failed. But there is no consensus on the causes and the extent of that failure. I believe that the failure is...
- Paper: William D. Hamilton’s Work In Evolutionary Game Theory
Abstract William D. Hamilton’s impact on contemporary views of evolution has been nothing short of revolutionary, and his contributions to our reasoning on kin selection, genomic conflicts, parasitism and costs of sex dominate these fields. He also...
- A Big Deal: Poker Is Getting Younger, Cleverer, Duller And Much, Much Richer
At the highest level, decisions about betting, bluffing and folding are based on the complex juggling of probabilities. “What drew me to poker is that it is essentially an academic endeavour,” says Ms Duke. She is one of a growing group of full-time...