Episode
#531 - Russ Roberts - An Economist’s Guide To Life’s Big Decisions
1:06:18
Published: Mon Sep 26 2022
Description
Russ Roberts is an economist, a research fellow at Stanford University, an author and a podcaster. Economics promised us a model which works for all of life's decisions. From what to buy for lunch to investing in a company. But when you're faced with decisions like where to live, how many children to have, whether to get married or what sort of person you want to be, it falls short. Thankfully Russ has a new toolkit. Expect to learn why Charles Darwin made a checklist before marriage which said his wife was slightly better than a dog, why the decision about whether to have children is so difficult to predict, whether rationality is totally incompatible with the decisions that define us, why happiness is overrated as an optimising function, whether tradition is any use and much more... Sponsors: Get 83% discount & 3 months free from Surfshark VPN at https://surfshark.deals/MODERNWISDOM (use code MODERNWISDOM) Get a Free Sample Pack of all LMNT Flavours at https://www.drinklmnt.com/modernwisdom (discount automatically applied) Get 15% discount on all VERSO’s products at https://ver.so/modernwisdom (use code: MW15) Extra Stuff: Buy Wild Problems - https://amzn.to/3qWTzRa Follow Russ on Twitter - https://twitter.com/EconTalker Get my free Reading List of 100 books to read before you die → https://chriswillx.com/books/ To support me on Patreon (thank you): https://www.patreon.com/modernwisdom - Get in touch. Instagram: https://www.instagram.com/chriswillx Twitter: https://www.twitter.com/chriswillx YouTube: https://www.youtube.com/modernwisdompodcast Email: https://chriswillx.com/contact/
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Cell Being supplements eliminate the guesswork for those looking to enhance longevity, blending various products with precision and suitable timing.
00:00 - 05:09 (05:09)
Summary
Cell Being supplements eliminate the guesswork for those looking to enhance longevity, blending various products with precision and suitable timing. A free sample pack is available at drinklmnt.com/slashmodernwisdom, and customers can use the code "modern wisdom" for an 83% discount, three months free, and a 30-day money-back guarantee.
Episode#531 - Russ Roberts - An Economist’s Guide To Life’s Big Decisions
PodcastModern Wisdom
The decision-making process requires balancing the principles and artistry of life, so as not to miss out on the joy of the decision-making process itself.
05:09 - 12:46 (07:37)
Summary
The decision-making process requires balancing the principles and artistry of life, so as not to miss out on the joy of the decision-making process itself. Consistently making decisions in line with our principles, instead of clashing desires against an external framework, is vital for achieving integrity and faith beyond rational frameworks.
Episode#531 - Russ Roberts - An Economist’s Guide To Life’s Big Decisions
PodcastModern Wisdom
The act of giving a gift is not just about the object itself but also about the value and intentions behind it, such as promoting dignity, self-respect, and aspiration.
12:46 - 19:12 (06:26)
Summary
The act of giving a gift is not just about the object itself but also about the value and intentions behind it, such as promoting dignity, self-respect, and aspiration.
Episode#531 - Russ Roberts - An Economist’s Guide To Life’s Big Decisions
PodcastModern Wisdom
The benefits of not getting married include freedom, financial stability, and more time for personal pursuits.
19:12 - 28:20 (09:07)
Summary
The benefits of not getting married include freedom, financial stability, and more time for personal pursuits. However, there is more at stake than just these day-to-day pleasures and pains of married life as suggested by Jane Austen's novels.
Episode#531 - Russ Roberts - An Economist’s Guide To Life’s Big Decisions
PodcastModern Wisdom
The emotional difficulty of admitting mistakes is a common reality when it comes to decisions surrounding marriage, children, career, and friendships.
28:20 - 31:02 (02:41)
Summary
The emotional difficulty of admitting mistakes is a common reality when it comes to decisions surrounding marriage, children, career, and friendships. The inner life of parenthood remains elusive until it is fully experienced.
Episode#531 - Russ Roberts - An Economist’s Guide To Life’s Big Decisions
PodcastModern Wisdom
Anxiety cost is the mental effort taken up by considering something not yet done, which could have been resolved by simply doing it.
31:02 - 35:00 (03:57)
Summary
Anxiety cost is the mental effort taken up by considering something not yet done, which could have been resolved by simply doing it. It is necessary to confront the discomfort of potential failure to diminish the anxiety cost of avoiding action.
Episode#531 - Russ Roberts - An Economist’s Guide To Life’s Big Decisions
PodcastModern Wisdom
Our mind's mental processes act like emotional antibodies, reducing the impact of negative memories and making them fade away faster than positive experiences.
35:00 - 38:10 (03:10)
Summary
Our mind's mental processes act like emotional antibodies, reducing the impact of negative memories and making them fade away faster than positive experiences.
Episode#531 - Russ Roberts - An Economist’s Guide To Life’s Big Decisions
PodcastModern Wisdom
The speaker reflects on the satisfaction derived from working out how things link together and how this relates to Adam Smith's example, even when one's nature is encumbered.
38:10 - 48:06 (09:55)
Summary
The speaker reflects on the satisfaction derived from working out how things link together and how this relates to Adam Smith's example, even when one's nature is encumbered.
Episode#531 - Russ Roberts - An Economist’s Guide To Life’s Big Decisions
PodcastModern Wisdom
The balance between young, procedural, old, spontaneous, and embodied wisdom is essential in today's world of podcasting and YouTube.
48:06 - 55:31 (07:25)
Summary
The balance between young, procedural, old, spontaneous, and embodied wisdom is essential in today's world of podcasting and YouTube. It's essential to be wary of following one's gut and instead focus on finding this balance for better decision-making.
Episode#531 - Russ Roberts - An Economist’s Guide To Life’s Big Decisions
PodcastModern Wisdom
In this episode, Eddie and I talk about Bill Belichick’s philosophy towards selecting players for his team.
55:31 - 1:04:38 (09:06)
Summary
In this episode, Eddie and I talk about Bill Belichick’s philosophy towards selecting players for his team. He is looking for self-sufficient players who can adapt to his system and communicate well with everyone, as well as assessing how often they look to coaches for advice.
Episode#531 - Russ Roberts - An Economist’s Guide To Life’s Big Decisions
PodcastModern Wisdom
Russ Roberts talks about the limitations of Bayesian updating and the challenge of accounting for unknown unknowns, citing the "Vampire Problem" where the existence of vampires would drastically impact population models.
1:04:38 - 1:05:33 (00:55)
Summary
Russ Roberts talks about the limitations of Bayesian updating and the challenge of accounting for unknown unknowns, citing the "Vampire Problem" where the existence of vampires would drastically impact population models.