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The Psychology of Money with Morgan Housel Podcast
Accountable to Darwin vs. Accountable to Newton

Accountable to Darwin vs. Accountable to Newton

The Psychology of Money with Morgan Housel vor 2 Jahren

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14:33

Woodrow Wilson was the only president with a Ph.D. in political
science.

He came to office having thought more about how a government
functions than most before him or since.

One of his complaints was that too many people in government held
the belief that it was a Big Machine: that once you set up a
series of rules you could take your hands off the wheel and let
the government run on its own forever. They viewed government
like physics, with a set of customs and laws that required no
updating or second-guessing because they were believed to be
precise and perfect as they were.

Wilson thought that was wrong. He viewed government as being a
living thing that adapted and evolved.

I really don't care about politics. But he had a theory that I
think is so important, and so applicable, to us ordinary people
managing our money.