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Managing Time Like a Pro

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Managing Time Like a Pro

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Risks that you control are much less a source of outrage than risks that are out of your control.

PETER SANDMAN

340

1.11K reads

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Chapter 2 - Terrorism is so effective

People respond strongly to strong incentives. And there are few incentives more powerful than the fear of random violence - which, in essence, is why terrorism is so effective.

343

2.95K reads

Cheating is a primordial economic act: getting more for less

For every clever person who goes to the trouble of creating an incentive scheme, there is an army of people, clever and otherwise, who will inevitably spend even more time trying to beat it. Cheating may or may not be human nature, but it is certainly a prominent feature in just about every human...

352

3.37K reads

The rules of a tournament are straightforward

  • You must start at the bottom to have a shot at the top.
  • You must be willing to work long and hard at substandard wages. In order to advance in the tournament, you must prove yourself not merely above average but spectacular.
  • Once you come to the sad realization that you will ...

348

1.06K reads

Keep the information asymmetry as asymmetrical as possible

Experts depend on the fact that you don't have the information that they do. Or that you are so befuddled by the complexity of their operation that you wouldn't know what to do with the information if you had it. Or that you are so in awe of their expertise that you wouldn't dare challenge them.

357

1.65K reads

Chapter 3 - Determine if your question is a good one

Just because a question has never been asked does not make it good. Smart people have been asking questions for quite a few centuries now, so many of the questions that haven't been asked are bound to yield uninteresting answers.

But if you can question something that people really care abo...

349

1.3K reads

Epilogue

If morality represents an ideal world, then economics represents the actual world.

351

1.25K reads

It is true that sports and cheating go hand in hand

Cheating is more common in the face of a bright-line incentive (the line between winning and losing, for instance) than with a murky incentive.

An athlete who gets caught cheating is generally condemned, but most fans at least appreciate his motive: he wanted so badly to win that he bent th...

337

2.82K reads

Discrimination is not dead

It has become so unfashionable to discriminate against certain groups that all but the most insensitive people take pains to at least appear fair-minded, at least in public. This hardly means that discrimination has ended - only that people are embarrassed to show it.

345

1.49K reads

Chapter 5 - Art of parenting

No one is more susceptible to an expert's fearmongering than a parent. Fear is, in fact, a major component of the act of parenting. A parent, after all, is the steward of another creature's life, a creature who, in the beginning, is more helpless than the newborn of nearly any other species. This...

334

1.03K reads

The basic reality is that the risks that scare people and the risks that kill people are very different.

PETER SANDMAN

350

1.12K reads

Whose hands happen to be holding the gun?

A gun is a great disrupter of the natural order. A gun scrambles the outcome of any dispute. Gun advocates believe that gun laws are too strict; opponents believe exactly the opposite.

329

1.13K reads

Two leading theories of discrimination

  • Taste-based discrimination - one person discriminates simply because he prefers to not interact with a particular type of other person;
  • Information-based discrimination - one person believes that another type of person has poor skills and acts accord...

345

1.54K reads

Sunlight is the best disinfectant

A group whose power was derived in large part from the fact that it hoarded information - once that information falls into the wrong hands (or, depending on your view, right hands), much of the group's advantage disappears. The dissemination of the information diluted its power.

349

2.61K reads

Journalists & experts are the architects of conventional wisdom

It may be sad but not surprising to learn that experts can be self-interested to the point of deceit. But they cannot deceive on their own. Journalists need experts as badly as experts need journalists. Every day there are newspaper pages and television newscasts to be filled, and an expert who c...

339

1.14K reads

What, exactly, are we afraid of?

It's the imminent possibility of death that drives the fear - which means that the most sensible way to calculate fear of death would be to think about it on a per-hour basis.

333

1.13K reads

Immutable law of labor

When there are a lot of people willing and able to do a job, that job generally doesn't pay well. This is one of the four meaningful factors that determine a wage. The others are the specialized skills a job requires, the unpleasantness of a job, and the demand for services that the job fulfills....

358

1.13K reads

We all use information for our own gains

It would be naive to suppose that people abuse information only when they are acting as experts or as agents of commerce. Agents and experts are people too - which suggests that we are likely to abuse information in our personal lives as well, whether by withholding true information or editing th...

335

1.47K reads

Fear best thrives in the present tense

That is why experts rely on it; in a world that is increasingly impatient with long-term processes, fear is a potent short-term play.

342

1.21K reads

Chapter 1 - Incentives are the cornerstone of modern life

An incentive is simply a means of urging people to do more of a good thing and less of a bad thing.

There are three basic flavors of incentive:

  • Economic - they don't want to be punished by law or lose what they have
  • Social - they...

408

5.25K reads

A thing worth having is a thing worth cheating for

Any incentive is inherently a trade-off; the trick is to balance. For every incentive has its dark side. Whatever the incentive, whatever the situation, dishonest people will try to gain an advantage by whatever means necessary.

356

4.35K reads

Information is the currency of the internet

It is common for one party to a transaction to have better information than another party. In the parlance of economists, such a case is known as an information asymmetry. We accept as a variety of capitalism that someone (usually an expert) knows more than someone else (usually ...

370

1.87K reads

Chapter 4 - Broken Window Theory

Minor nuisances, if left unchecked, turn into major nuisances: that is, if someone breaks a window and sees it isn't fixed immediately, he gets the signal that it's all right to break the rest of the windows and maybe set the building afire too.

352

1.14K reads

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Chasing the latest investment trend, the latest crypto-coin or whatever is not how to make massive amounts of wealth. Trends are ultimately outside of your control & this creates high risks and stress on your part.

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