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Accommodate Quote by Charlie Munger

“How should the best parts of psychology and economics interrelate in an enlightened economist's mind?... I think that these behavioral economics...or economists are probably the ones that are bending them in the correct direction. I don't think it's going to be that hard to bend economics a little…” quote by Charlie Munger
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“How should the best parts of psychology and economics interrelate in an enlightened economist's mind?... I think that these behavioral economics...or economists are probably the ones that are bending them in the correct direction. I don't think it's going to be that hard to bend economics a little to accommodate what's right in psychology.”

Charlie Munger

About This Quote

Source Interview: Berkshire Hathaway Annual Meeting, 2015

Integrate psychological insights with economic theory to improve decision‑making and policy.

In simple terms: Combine mind and market.

Key Takeaway

Blend psychology with economics.

Themes

behavioral economics interdisciplinary decision making enlightened policy

Mood

analytical pragmatic

Type

business philosophical

When to use this quote

  • designing incentives
  • crafting policy
  • educating economists
  • improving markets

Key Concepts

cognitive bias utility theory human behavior

Questions to Reflect On

  • What biases most distort markets?
  • How can economics stay humane?
A Different Perspective

Psychology may clash with rational models.

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