Wall Street is populated by a bunch of people whose primary goal is to make money, and the rules are pretty much caveat emptor. Steven Levitt More Quotes by Steven Levitt More Quotes From Steven Levitt The conventional wisdom is often wrong. Steven Levitt conventional conventional-wisdom Morality, it could be argued, represents the way that people would like the world to work, wheareas economics represents how it actually does work. Steven Levitt doe people world An incentive is a bullet, a key: an often tiny object with astonishing power to change a situation Steven Levitt incentives bullets keys Data, I think, is one of the most powerful mechanisms for telling stories. I take a huge pile of data and I try to get it to tell stories. Steven Levitt data powerful thinking Solving a problem is hard enough; it gets that much harder if you’ve decided beforehand it can’t be done. Steven Levitt problem done enough When people don’t pay the true cost of something, they tend to consume it inefficiently. Steven Levitt cost pay people Purity is a good mask for corruption because it discourages inquiry. Steven Levitt inquiry corruption purity Information is a beacon, a cudgel, an olive branch, a deterrent--all depending on who wields it and how. Steven Levitt olives olive-branches information Don't trust, just verify. Steven Levitt verify dont-trust If you own a gun and have a swimming pool in the yard, the swimming pool is almost 100 times more likely to kill a child than the gun is. Steven Levitt swimming gun children Many of life's decisions are hard. What kind of career should you pursue? Does your ailing mother need to be put in a nursing home? You and your spouse already have two kids; should you have a third?such decisions are hard for a number of reasons. For one the stakes are high. There's also a great deal of uncertainty involved. Above all, decisions like these are rare, which means you don't get much practice making them. You've probably gotten good at buying groceries, since you do it so often, but buying your first house is another thing entirely. Steven Levitt mother home mean No matter how expert you may be, well-designed checklists can improve outcomes. Steven Levitt time-management experts may The gulf between the information we proclaim & the information we know to be true is vast. In other words: we say one thing & do another. Steven Levitt being-true information knows In the United States especially, politics and economics don’t mix well. Politicians have all sorts of reasons to pass all sorts of laws that, as well-meaning as they may be, fail to account for the way real people respond to real-world incentives. Steven Levitt real law people Levitt admits to having the reading interests of a tweener girl, the Twilight series and Harry Potter in particular. Steven Levitt girl reading twilight After all, your chances of winning a lottery and of affecting an election are pretty similar. From a financial perspective, playing the lottery is a bad investment. But it's fun and relatively cheap: for the price of a ticket, you buy the right to fantasize how you'd spend the winnings - much as you get to fantasize that your vote will have some impact on policy. Steven Levitt impact winning fun The key to learning is feedback. It is nearly impossible to learn anything without it. Steven Levitt feedback keys impossible Scarcity is a captivating book, overflowing with new ideas, fantastic stories, and simple suggestions that just might change the way you live. Steven Levitt simple book ideas And knowing what happens on average is a good place to start. By so doing, we insulate ourselves from the tendency to build our thinking - our daily decisions, our laws, our governance - on exceptions and anomalies rather than on reality Steven Levitt average reality thinking An expert must be BOLD if he hopes to alchemize his homespun theory into Steven Levitt conventional-wisdom theory experts
