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31. Affect Heuristic:
Emotions evolved to guide us in a low-data world, so are useful in times of uncertainty, as long as you treat them as advisors not masters, and understand their advice: fear for caution, envy for ambition, regret for wisdom, and hatred for motivation.
Everyone, a New MEGATHRE...
@G_S_Bhogal on Twitter
MAN IN THE CAR PARADOX
You imagine that if you owned a fancy car, people would admire you. But in reality people focus on the car, not on you, and think to themselves “Man, if I owned a car like that, people would admire me…”
New Megathread Just Drop...
@G_S_Bhogal on Twitter
The “tragedy of the commons,” as exposed by economists, is as follows—the commons being a collective property, say, a forest or fishing waters or your local public park. Collectively, farmers as a community prefer to avoid overgrazing, and fishermen overfishing—the entire resource becomes thus degraded. But every single individual farmer would personally gain from his own overgrazing or overfishing under, of course, the condition that others don’t. And that is what plagues socialism: people’s individual interests do not quite work well under collectivism. But it is a critical mistake to think that people can function only under a private property system.
Skin in the Game
Nassim Nicholas Taleb
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