Words Worth Noting - June 16, 2021

“Strong reciprocators are not altruists.... They’re rejecting lowball offers because the offers violate their individual sense of what a just exchange would be. But the effect is the same as if they loved humanity… Individually irrational acts, in other words, can produce a collectively rational outcome.”

James Surowiecki The Wisdom of Crowds [regarding experiments involving the “ultimatum game”]

Words Worth Noting - June 15, 2021

“When Benjamin Franklin was seven years old... he fell in love with a whistle. He was so excited about it that he went into the toy shop, piled all his coppers on the counter, and demanded the whistle without even asking its price. ‘I then came home,’ he wrote to a friend 70 years later, ‘and went whistling all over the house, much pleased with my whistle.’ When his older brothers and sisters found out that he had paid far more for his whistle than he should have paid, they gave him the horse laugh; and, as he said: ‘I cried with vexation.’... But the lesson taught Franklin was cheap in the end. ‘As I grew up,’ he said, ‘and came into the world and observed the actions of men, I thought I met with many, very many, who gave too much for the whistle.’”

Dale Carnegie How to Stop Worrying and Start Living