A couple of weeks ago I spent a day down at the Tech School where I got to see some terrific stuff they are trying to put together. They had robots with cool eyebrows, and big 3-D models of ho my opinions differed from everyone else.
The main speaker was Dan Ariel who wrote a new book about how people really don't make rational decisions, even about money.
So, I went up to him and I said "Duh."
And he said that economic theory is based on the belief that people are rational and will act in their best interest.
Like who they allow to beat them up when they're married I said.
He looked at me kind of strange and worried.
So then I said, like trading Credit Default Swaps.
Then he knew what I was talking about.
Dr. Phil tells people, rationally, with common sense, what they should do.
Nobody really listens to him either.
But he made $96,000,000
and he doesn't even have a license.
3 comments:
No license huh? That's alright. In my experience irrationality tends to increase with education - notable exceptions present of course.
The most logical person I've ever met had only finished high-school.
You are so right about people really don't make rational decisions. So many times even while know I making a irrational decision I still do it.
In my uneducated but practical opinion, irrationality increases exponentially when people become book-smart and forget about the basic skills that experience in survival has taught them...
Dr. Phil? He's an unlincensed quack who was lucky enough to find a cozy spot under Oprah's wing. He's amassed enough notoriety to get away with allowing his staff to make very irrational decisions 'behind his back' and I bet my next lapse in judgement that his off-screen life is a mess!
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