A Nobel Prize View: Thinking, Fast & Slow

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April 1, 2012

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Always aim at complete harmony of thought and word and deed. Always aim at purifying your thoughts and everything will be well.

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A Nobel Prize View: Thinking, Fast & Slow

In 2002, Daniel Kahneman won a Nobel Prize in economics -- but he isn't an economist. Kahneman's field is the psychology of decision-making, and that's the topic of his new book, "Thinking, Fast and Slow." Kahneman tells NPR's Robert Siegel about the two systems that make up what he calls "the machinery of the mind:" System 1 -- or fast -- and System 2 -- or slow -- thinking. "We have a very narrow view of what is going on," he says. "We don't see very far in the future, we are very focused on one idea at a time, one problem at a time, and all these are incompatible with rationality as economic theory assumes it." "Clearly, the decision-making that we rely on in society is fallible," Kahneman says. "It's highly fallible, and we should know that." We should know it because knowing gives us the ability to do something about it. { read more }