Charlie Munger: Bad Morals Drive Out The Good
Charlie Munger on applying Gresham’s Law to lending. The idiotic ideas are all from the social science department and I would put economics in the social sciences department although it has some …
Gresham's Law
Trust Me, I’m Lying: Why Sites Like Gawker Manipulate You
“A newspaper is a business out to make money through advertising revenue. That is predicated on its circulation and you know what the circulation depends on. …” — The Long Goodbye, …
Former Canadian Prime Minister Mackenzie King on The Law of Competing Standards
I came across that passage while reading “Industry and Humanity,” by former Canadian Prime Minister Mackenzie King. We’ll add this to our previous knowledge on Gresham’s Law. …
The Art and Science of High-Stakes Decisions
How can anyone make rational decisions in a world where knowledge is limited, time is pressing, and deep thought is often unattainable? Some decisions are more difficult than others. Yet we’re often …
The Inevitable Failure of Organizational Planning
A beautiful excerpt from Herbert Simon’s Strategy and Organizational Evolution: Anticipating the future means detecting, preferably prospectively,novel features in the environment that may …
Gresham’s Law: Why Bad Drives Out Good As Time Passes
Whenever coins containing precious metals have been used along with base metal coins of the same denomination, both legally accepted as tender, the bad coins have driven the good coins out of …