This Is The Essence Of

There's A Very Good Reason For Why Economics Developed The Way It Did, And That Is That In Many Situations, The Assumption That People Will Exploit The Opportunities Available To Them Is Very Plausible, And It Simplifies The Analysis Of How Markets Will Behave.

I Would Be Wary Of Experts' Intuition, Except When They Deal With Something That They Have Dealt With A Lot In The Past.

Ten Minutes Of A Smartphone In Front Of Your Nose Is About The Equivalent Of An Hour Long Walk In Bright Daylight. Imagine Going For An Hour Long Walk In Bright Daylight And Then Thinking, "now I'll Get Some Sleep." It Ain't Going To Happen.

When Everybody In A Group Is Susceptible To Similar Biases, Groups Are Inferior To Individuals, Because Groups Tend To Be More Extreme Than Individuals.

What Happens With Fear Is That Probability Doesn't Matter Very Much. That Is, Once I Have Raised The Possibility That Something Terrible Can Happen To Your Child, Even Though The Possibility Is Remote, You May Find It Very Difficult To Think Of Anything Else. Emotion Becomes Dominant.