So, economics should emulate physics' basic ethos, but its search for precision in physics-like formulas is almost always wrong in economics. — Charlie Munger Copy Share Image
When it gets into these spikes, with shortages and uproar and so forth, people go bananas, but that's capitalism. — Charlie Munger Copy Share Image
How could economics not be behavioral? If it isn't behavioral, what the hell is it? — Charlie Munger Copy Share Image
I think the notion...that liquidity is this - of tradable common stock - is a great contributor to capitalism - I think… — Charlie Munger Copy Share Image
I find it quite useful to think of a free-market economy - or partly free market economy - as sort of the… — Charlie Munger Copy Share Image
Economics is in many respects the queen of the soft sciences. It's expected to be better than the rest. It's my view… — Charlie Munger Copy Share Image
Economics profession, they've been - they've been confident in various formulas, but economics is not physics. The same formula that works in… — Charlie Munger Copy Share Image
The Internet bubble circa 2000 is the most extreme in modern capitalism. In the 1930s, we had the worst depression in 600… — Charlie Munger Copy Share Image
Well, the questioner came from Singapore, which has perhaps the best economic record in the history of developing an economy. And therefore… — Charlie Munger Copy Share Image
I also want to raise the possibility that there are, in the very long term, "virtue effects" in economics- for instance that… — Charlie Munger Copy Share Image
How should the best parts of psychology and economics interrelate in an enlightened economist's mind?... I think that these behavioral economics...or economists… — Charlie Munger Copy Share Image
As I talk about strengths and weaknesses in academic economics, one interesting fact you are entitled to know is that I never… — Charlie Munger Copy Share Image
You must know the big ideas in the big disciplines, and use them routinely - all of them, not just a few.… — Charlie Munger Copy Share Image
The cash register did more for human morality than the Congregational Church. It was a really powerful phenomenon to make an economic… — Charlie Munger Copy Share Image
It is way less certain to be a wonderful business in the future. The threat is alternative mediums of information. Every newspaper… — Charlie Munger Copy Share Image
I have concluded that most PhD economists under appraise the power of the common-stock-based "wealth effect," under current extreme conditions... "Wealth effects"… — Charlie Munger Copy Share Image
I don't have too much interest in teaching other people how to get rich. And that isn't because I fear the competition… — Charlie Munger Copy Share Image
The possibility that stock value in aggregate can become irrationally high is contrary to the hard-form "efficient market" theory that many of… — Charlie Munger Copy Share Image
Finding a single investment that will return 20% per year for 40 years tends to happen only in dreamland. In the real… — Charlie Munger Copy Share Image
Berkshire's whole record has been achieved without paying one ounce of attention to the efficient market theory in its hard form. And… — Charlie Munger Copy Share Image
For society, the Internet is wonderful, but for capitalists, it will be a net negative. It will increase efficiency, but lots of… — Charlie Munger Copy Share Image
A different set of incentives from rising in an economic establishment where the rewards system, again, the reinforcement, comes from being a… — Charlie Munger Copy Share Image
Economists get very uncomfortable when you talk about virtue and vice. It doesn't lend itself to a lot of columns with numbers.… — Charlie Munger Copy Share Image
People like the robber barons assumed that the doctrine of the survival of the fittest authenticated them as deserving power. You know,… — Charlie Munger Copy Share Image
Almost all good businesses engage in 'pain today, gain tomorrow' activities. — Charlie Munger Copy Share Image
If you want good behavior, don't pay on a commission basis. Our judges aren't paid so much a case. We keep them pretty well… — Charlie Munger Copy Share Image
Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group then to… — Charlie Munger Copy Share Image
I think time and time again, in reality, psychological notions and economic notions interplay, and the man who doesn't understand both is a damned… — Charlie Munger Copy Share Image
I have what I call an iron prescription that helps me keep sane when I naturally drift toward preferring one ideology over another and… — Charlie Munger Copy Share Image
The tax code gives you an enormous advantage if you can find some things you can just sit with. — Charlie Munger Copy Share Image
The great lesson in microeconomics is to discriminate between when technology is going to help you and when it's going to kill you. And… — Charlie Munger Copy Share Image
Some years ago one oil company bought a fertilizer company, and every other major oil company practically ran out and bought a fertilizer company.… — Charlie Munger Copy Share Image
They [Mc Donalds] take people and give them a first job, which enables them to get a second job. They do a very good… — Charlie Munger Copy Share Image
We believe that almost all really good investment records will involve relatively little diversification. The basic idea that it was hard to find good… — Charlie Munger Copy Share Image
It is way less certain to be a wonderful business in the future. The threat is alternative mediums of information. Every newspaper is scrambling… — Charlie Munger Copy Share Image
![“It is way less certain to be a wonderful business in the future. The threat is alternative mediums of information. Every newspaper is scrambling to parlay their existing advantage into dominance on the Internet. But it is way less sure [that this will occur] than the certainty 20 years ago that…” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/8d0/charlie-munger-458_advantage_it-is-way-less-certain-to-be-a-wonderful_59627.jpg)
![“They [Mc Donalds] take people and give them a first job, which enables them to get a second job. They do a very good job of educating troubled young people to be good citizens and they're probably more successful than charter schools.” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/a55/charlie-munger-458_be-good_they-mc-donalds-take-people-and-give-the_41809.jpg)
