The Stats vs. The Story
Last is the power of stories over statistics. “Housing prices in relation to median incomes are now above their historic average and typically mean revert” is a statistic. “Jim just made $500,000 flipping homes and can now retire early and his wife thinks he’s amazing” is a story. And it’s way more persuasive in the moment.
Morgan Housel • Same as Ever: Timeless Lessons on Risk, Opportunity and Living a Good Life
“No one ever made a decision because of a number. They need a story.” — Daniel Kahneman
A story without analysis is interesting but useless. Analysis without a story is boring and most people won't consume it.
According to Slovic, the problem with statistics is that they don't activate our moral emotions. The depressing numbers leave us cold: our minds can't comprehend suffering on such a massive scale. This is why we are riveted when one child falls down a well but turn a blind eye to the millions of people who die every year for lack of clean water. An
... See moreJonah Lehrer • How We Decide
There is too much information in the world for everyone to calmly sift through the data, looking for the most rational, most correct answer. People are busy and emotional, and a good story is always more powerful and persuasive than ice-cold statistics.