Video Link: https://youtu.be/ILFcWbb0kLA
In this episode, Charlie Munger was asked is there any new material in the standard causes of human misjudgement after the revised in 2005?
In this episode, you’ll learn:
What learning is all about?
What prevents the wide use of helpful psychological insight?
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JULIA LA ROCHE 00:00
Lee would like to know, Charlie – Dear Mr. Munger, you have revised your famous talk on the standard causes of human misjudgment with considerable new material back in 2005. Now 16 years have passed. Is there any new material?
CHARLIE MUNGER 00:21
No, I would say that – of course, there’s some new material in misjudgment. But, by and large, most of the knowledge has been available for a long time. What prevents the wide use of helpful psychological insight is the fact that it's – Psychology gets really useful when you integrate it with all other knowledge.
And the reason – But they don’t teach that in the psychology department because the academic system rewards little experiments that develop more insight into psychological tendencies instead of synthesizing what’s already been discovered with the rest of knowledge.
The psychology professors don’t know all that much about the rest of knowledge and they have no incentive to master it. If you don’t have master the rest of the knowledge you can’t synthesize it with psychology. So that’s an interesting example of self-learning.
When I saw that psychology was necessary and I didn’t have it, I didn’t just learn the little tendencies well enough to get A’s in psychology. I learned those tendencies well enough to synthesize it with the rest of knowledge. And that’s the right way to do it. But show me a psychology department that knows how to do that. It’s one of the most ignorant professions in the world.