Sublime

Instead of assuming agents were perfectly rational, we allowed there were limits to how smart they were. Instead of assuming the economy displayed diminishing returns (negative feedbacks), we allowed that it might also contain increasing returns (positive feedbacks). Instead of assuming the economy was a mechanistic system operating at equilibrium,

The thing to watch for, in my opinion, is what strategy a person employs first when distressed and, if that one fails, what strategy the person switches to next. These are the person’s primary and secondary patterns.

Charlie Munger, Warren Buffett’s partner and vice chairman of Berkshire Hathaway, stresses the importance of having a broad theoretical toolbox – not to be a good academic, but to have a good, pragmatic grip on reality. He regularly explains to students which mental models have proven most useful to help him understand markets and human behaviour.

Action: A project is not a passive response to external forces but an intentional sequence of behavior.

it's not productive to spend time on problems that you will never fully understand without outside help.

need for senior talent would remain high, the group could accommodate a broader array of talents since it would have the ability to empower an individual by supplementing his or her…

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as cities grow and their networks evolve, the area or volume of the networks needed to keep them functionally connected tends to become smaller on a per capita basis. For example, in larger cities more people can share the same bus or segment of road or sewer pipe.