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 to accommodate what's right in psychology.”
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.
Blend psychology with economics.
Themes
Mood
Type
When to use this quote
- designing incentives
- crafting policy
- educating economists
- improving markets
Key Concepts
Questions to Reflect On
- What biases most distort markets?
- How can economics stay humane?
Psychology may clash with rational models.