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#531 - Russ Roberts - An Economist’s Guide To Life’s Big Decisions

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Sep 26, 2022

Guest

Russ Roberts

Russ Roberts, economist and Stanford research fellow, shares his insights on navigating life's big decisions. He discusses the limitations of economic models in matters like marriage and parenthood, emphasizing the interplay of rationality and emotion. Learn about Darwin's quirky checklist for marriage, the anxiety of procrastination, and the balance between pleasure and meaning in decision-making. Roberts also explores the uniqueness of transformative experiences and the role of self-awareness amid uncertainty, providing a refreshingly human perspective on life's choices.

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INSIGHT

Wild Problems

"Wild problems" are life decisions with significant externalities, lasting impact, and high uncertainty.
Examples include marriage, having children, and choosing a career path.

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ADVICE

Focus on Values

When faced with "wild problems," focus on who you want to be, not just cost-benefit analysis.
Explore your values through therapy, religion, meditation, or literature.

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ANECDOTE

Darwin's Marriage

Charles Darwin's marriage checklist illustrates the limitations of rational decision-making.
Despite a list heavily favoring staying single, he married, highlighting the role of intangible factors.

Get the Snipd Podcast app to discover more snips from this episode

Navigating Significant Life Decisions

05:29 • 23min

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The Irreversibility of Life Choices: Lessons from Transformative Experiences

28:50 • 2min

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Facing Anxiety: Embracing Action Over Inaction

31:05 • 8min

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The Balance of Pleasure and Meaning

38:57 • 19min

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Navigating Uncertainty in Life's Big Decisions

57:34 • 2min

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Football Coaching Insights Through Economic Principles

59:14 • 3min

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The Intangibles of Elite Performance in Rugby

01:01:54 • 4min

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The Moral Animal

Why We Are the Way We Are

Robert Wright

In 'The Moral Animal', Robert Wright delves into the world of evolutionary psychology to explain human behavior, emotions, and moral conduct. The book uses Charles Darwin's life and personal conduct in Victorian England as a case study to illustrate how evolutionary forces shape human behavior. Wright discusses topics such as jealousy, altruism, and social class, arguing that many of our actions are driven by subconscious genetic strategies aimed at survival and the propagation of our genes. The book also explores the paradox of how moral and responsible actions can emerge from a strictly Darwinian interpretation of human behavior, suggesting that understanding our evolutionary past can help us override our primitive programming and develop a more common moral outlook.

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Sense and Sensibility

Jane Austen

Published in 1811, 'Sense and Sensibility' is Jane Austen's first published novel. It tells the story of the Dashwood sisters, Elinor and Marianne, who, along with their mother and younger sister Margaret, are forced to leave their family estate after their father's death. The novel explores the contrast between Elinor's practical sense and Marianne's emotional sensibility as they experience romantic relationships and heartbreak. Elinor falls in love with Edward Ferrars, who is secretly engaged to another woman, while Marianne becomes infatuated with the unscrupulous John Willoughby. Through their experiences, Austen delves into themes of love, social class, and the balance between reason and emotion necessary for personal happiness.

#1211

• Mentioned in 32 episodes

Wild Problems

A Guide to the Decisions That Define Us

Russ Roberts

In 'Wild Problems,' Russ Roberts addresses the big, uncertain decisions in life—such as who to marry, whether to have children, where to move, and how to forge a life well-lived—that cannot be solved using data, science, or traditional rational approaches. He suggests focusing less on the path that promises the most happiness and more on figuring out who you actually want to be. Roberts draws on the experiences of great artists, writers, and scientists to lay out strategies for reducing fear and the loss of control when facing these 'wild problems. ' He argues that life should be experienced as a mystery rather than a problem to be solved, and he critiques the idea of relying solely on cost-benefit analysis and utilitarianism for making life's major decisions.

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Transformative Experience

L. A. Paul

In 'Transformative Experience', L.A. Paul argues that certain life choices, such as deciding to become a parent, converting to a religion, or medically altering one's physical and mental capacities, are transformative experiences that cannot be assessed in advance. These experiences change the person in both epistemic and personal ways, making it impossible to make fully informed decisions based on current preferences and values. Paul uses classic philosophical examples and recent work in decision theory, cognitive science, and the philosophy of mind to develop a rigorous account of how we should understand and approach such transformative decisions.

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Getting Things Done

David Allen

Getting Things Done (GTD) is a personal productivity system developed by David Allen. The book provides a detailed methodology for managing tasks, projects, and information, emphasizing the importance of capturing all tasks and ideas, clarifying their meaning, organizing them into actionable lists, reviewing the system regularly, and engaging in the tasks. The GTD method is designed to reduce stress and increase productivity by externalizing tasks and using a trusted system to manage them. The book is divided into three parts, covering the overview of the system, its implementation, and the deeper benefits of integrating GTD into one's work and life.

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The theory of moral sentiments

Adam Smith

Published in 1759, 'The Theory of Moral Sentiments' is Adam Smith's first major published work, based on his lectures at Glasgow University. The book argues that morality is driven by humanity's natural sociability and the need for approval from peers, rather than by rational calculation or innate moral sense. Smith introduces key concepts such as sympathy, the impartial spectator, and the invisible hand, which explain how individuals judge the conduct and character of themselves and others. The work delves into the emotional and social aspects of human behavior, highlighting the role of emotions like pity and compassion in shaping moral sentiments and behaviors.

Russ Roberts is an economist, a research fellow at Stanford University, an author and a podcaster.

Economics promised us a model which works for all of life's decisions. From what to buy for lunch to investing in a company. But when you're faced with decisions like where to live, how many children to have, whether to get married or what sort of person you want to be, it falls short. Thankfully Russ has a new toolkit.

Expect to learn why Charles Darwin made a checklist before marriage which said his wife was slightly better than a dog, why the decision about whether to have children is so difficult to predict, whether rationality is totally incompatible with the decisions that define us, why happiness is overrated as an optimising function, whether tradition is any use and much more...

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