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6min chapter
#90 The Psychology of Human Misjudgment by Charles T. Munger (Part 1)
The Rabbit Hole
Incentives, Biases, and Dishonesty
This chapter explores how human nature is shaped by incentives and biases, resulting in abusive behavior. It emphasizes the importance of creating systems, like cash registers, to deter dishonest conduct and emphasizes the role of sound accounting practices in countering rationalization for rewards.
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