1) What was the general theme or argument of the book?
The general theme/argument of the book is that we have two systems of thinking which can be basically described as fast and slow. The ‘fast’ system is the thinking we perform most actions with and is something that is more or less instinctive. The ‘slow’ system is one where we have to exercise more time and energy on thinking. It is essentially the system we use when making analytical or tougher decisions. Kahneman argues that both modes of thinking can be helpful, but they also have drawbacks. For example, with the ‘fast’ system, we tend to make irrational decisions or just bizarre predictions. With the ‘slow’ system, we tend to approve of these same crazy decisions that our ‘fast’ system made.
2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
The book connected with ENT3003 because it explained to me the two different systems of thinking we have and how to avoid the many mistakes that a potential businessman or entrepreneur would make not knowing this information. Furthermore, Kahneman points out that failure is bound to happen, yet we are so hesitant to accept failure that more damage can be done. This is an important lesson that we learned in ENT3003: accept failure and move on.
3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?
It would involve a corporate scenario that would consist of 3 groups/businesses: the first group would make quick decisions about everything, the second group would make slow and analytical decisions about everything, and the third group would do a combination of both. I would then compare the results at the end of the exercise and see who faired the best.
4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?
I was surprised that the author included sections that discussed emotions and regret. I never really considered regret as a punishment to one’s self, but that is essentially what it is. I was delighted to see that Kahneman described emotions as something that can coexist and somewhat depending on our own perspective. This is what I believe as a practicing stoic: that nothing is inherently bad or good. It is our perspective that makes it so.
Hey Matt,
ReplyDeleteI also read Thinking Fast and Slow by Kahneman. For my exercise, I went a different route than the one you designed. However, I still think yours would be relevant to what we read even though I focused on a different portion of the book. I would assume the third group would do the best for your exercise, but who knows! You would also have to repeat it multiple times to see if the results are consistent.
Hi Matthew,
ReplyDeleteIt is really interesting to think about how we think. Most of the time I don’t really take the time to think about how I make decisions, so it’s cool to see an analysis of how people think. I feel like if we are more considerate of how we make individual decisions, it might stop us from rushing into bad choices.