As an economist, Russ Roberts has been taught to approach decision-making by conducting an analysis, weighing tradeoffs, and then rationally budgeting resources to get the most bang for his buck. But as he explains in his new book, Wild Problems: A Guide to the Decisions That Define Us, he found this approach woefully inadequate for grappling with life's biggest decisions — things like figuring out whether to get married or how to live a meaningful life.
Today on the show, Russ and I delve into why the pros and cons approach to decision-making is inadequate when facing what he calls "wild problems." Russ explains that what makes life's big decisions so difficult to deal with is the fact that we don't know what they'll be like before we make them, the decisions themselves will transform us into different people, and their effects can be permanent, making such decisions akin to choosing to become a vampire. From there we turn to strategies for dealing with the inherent uncertainty around wild problems, including looking beyond basic happiness, considering tradition, and trying things out by experience.
Resources Related to the PodcastHow to Read Minds and Detect Deception
The Bicycle as Freedom and Flight
The Groundhog Day Roadmap for Changing Your Life
Where You Should Live When You Could Live Anywhere
From Novice to Advanced — The Weightlifter's Journey
Tactics and Mindset Shifts for Making the Most of Life
Lonesome Dove and Life's Journey Through Uncertainty
Future-Proof Your Body by Practicing Good Posture
Developing the Warrior Within
Physical Benchmarks Every Man Should Meet, At Every Age [REBROADCAST]
Routines Are Overrated
Escape the Safety Trap
What Made JFK So Compelling?
The Philosophy of Self-Improvement
Life Lessons From the World's Greatest Negotiator
Building a Second Brain
What It's Like to Spend a Year in Space
How to Make a Good Argument
The Fascinating Life of America's Forgotten Founding Father
Create your
podcast in
minutes
It is Free
The Briefing with Albert Mohler
The Diary Of A CEO with Steven Bartlett