Charlie Munger: "Capitalism is efficient when the people making the decisions are doing it about their own property, instead of just as hired employees of some state-owned enterprise."
"When the Chinese went away from collectivist agriculture and let each peasant have his own plot of land and he got to keep the crop after his costs, the grain production went up 60% the first year. Who in the hell would want collectivist agriculture when it was that inefficient compared to capitalist agriculture?"
have a high signal-to-noise ratio in thought
your mind is an information system.
bad inputs create bad outputs.
what to do:
• reduce junk input → less doomscrolling, less drama, less random opinions entering your head
• read primary sources → books, papers, docs, data. don’t live on second-hand summaries
• write to think → vague thoughts become visible when you put them on paper
• ask better questions → “what is true?” beats “what do i want to believe?”
• separate facts from interpretation → most confusion comes from mixing reality with emotion
• think in principles → principles compress noise into structure
• test against reality → ideas are cheap. feedback is the filter
• spend time alone → silence is where weak thoughts die and strong thoughts organize
high signal thought is not about thinking more.
it’s about removing the noise that corrupts your thinking.
What are economists reading now?
3 shifts stand out:
→ labor markets under strain
→ empirical & causal methods expanding
→ AI, geopolitics, & culture entering core economic analysis
A reading list that reflects where the field is going.
🔗Full list: https://t.co/FtCWPTE7dJ