Michael Covel talks with Barry Schwartz, an American psychologist and author. He is a professor of Social Theory and Social Action at Swarthmore College with books such as “The Paradox of Choice: Why More is Less” and “Practical Wisdom”. Schwartz’s psychological work is right there at the foundation of why any trader or investor will have success (its the foundation of any success for that matter). Covel and Schwartz discuss choice and practical wisdom; choice in selecting a mutual fund, and how Schwartz has seen that unfold in corporations; the paradox of options; having too much choice; democracy and choice; the idea that decision-making has shifted from the expert to the individual; why prescription drugs are marketed to people who can’t buy them outright; if choice drives clinical depression; expectations; the idea of practical wisdom; judgment and discretion in the workplace; wisdom and the education system; having a “script” from your employer that prevents you from thinking outside of the box; the importance of working with like-minded people; and how things have changed since the 2008 financial crisis.
Note: These episodes will all play by clicking on “listen”, but they are large MP3 files. You may want to “save as” and save each MP3 to your desktop. All episodes on iTunes too.