Scott Adams on Loserthink, Part 6

In the book, Loserthink: How Untrained Brains Are Ruining America, Scott Adams analyzed and discussed ways to teach us how to eliminate our biases and to sharpen our ability to think critically.

These are some of my favorite quotes and takeaways from reading the book.

How can we minimize our tendency for Loserthink by thinking like an economist?

What to watch out for: Money Influence

“A basic understanding of economics can help you “see around corners” that others cannot.”

“People who understand economics can more easily spot hoaxes because money drives human behavior in predictable ways.”

“Be skeptical of any experts who have a financial incentive to mislead you and almost no risk on their end.”

What to watch out for: Ends Justify the Means

“If you think in terms of “the ends justify the means” instead of “costs compared to benefits,” you are buying into loserthink.”

What to watch out for: How to Compare Things

“If you have a string opinion about a proposed plan but you have not compared it to the next best alternative, you are not part of a rational conversation.”

What to watch out for: Halfopinions

“If your opinion considers only the benefits or only the costs of plan, you might be in a mental prison.”

What to watch out for: Time Value of Money

“A dollar you have today is worth a dollar. But a dollar you might get in the future, if things go as predicted (which is rare), is worth a lot less.”

What to watch out for: Consider the Alternatives

“If you have only one mortal risk, it might make sense to spend huge amounts of money to drive that risk to zero. But if you have multiple mortal risks, it might make more sense to allocate your money across several risks.”

What to watch out for: Confusopolies

“If you find yourself experiencing certainty in a complex situation, you are probably experiencing loserthink.”

What to watch out for: Straight-Line Predictions

“Over the long term, straight-line predictions are loserthink, because history rarely travel in a straight line.”