Four important ideas from Russ Roberts

These are from Russ Roberts:

Over the last six years or so, since coming to George Mason and in the last three years since conducting a weekly podcast, I’ve been thinking a great deal about the following ideas:

1. Some orderly things are not intended by anyone.

2. The division of labor is limited by the extent of the market.

3. It is easy to fall prey to confirmation bias.

4. Politicians respond to incentives.

These are pretty simple ideas. When you give people the one sentence version or paragraph version they nod and tell you they agree with the essence of the idea. But I find these ideas to be quite deep. They are easy to understand but very difficult to absorb. The more I think about them, the deeper is my understanding.


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