The Misleading 10,000 Hours Rule

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The 10,000 hours rule suggests that to be extremely successful at something, you need to put in 10,000 hours of deliberate practice. However, this rule is misleading because it is based on misinterpretation of data. The original study by Anders Ericsson did not mention the 10,000 hours figure; it focused on deliberate practice, not just spending time on any activity. Additionally, the study's findings were based on a small sample of 30 violinists, which makes it challenging to generalize the results. The key misstep lies in mistaking data for evidence, where the correlation between practice and success does not necessarily prove causation.

How often do you question the 'facts' you encounter in everyday life?

This week, Alex Edmans, author of May Contain Lies, joins Kurt and Tim to question the world around us. They explore the significance of critical thinking and cognitive diversity, highlighting the value of diverse perspectives and evidence-based reasoning. They discuss the differences between facts and statements, the dangers of misleading inferences from evidence, and the impact of perception on communication.

Creating an environment where individuals can express their viewpoints freely is crucial. This includes fostering a culture where a devil’s advocate can provide critical feedback and considering alternative explanations to avoid confirmation bias in our everyday lives.

For a bit of fun (and for Tim too!), Alex explains his research on how music preferences can predict stock market trends and the challenge of separating emotional effects from fundamental factors. During their Grooving Session, Kurt and Tim encourage listeners to apply a scientific mindset when evaluating information and to promote cognitive diversity within their workspaces. Tune in to enhance your critical thinking skills, appreciate the nuances in decision-making, and learn how to foster a culture of scientific inquiry in your workplace and beyond.

Topics

[5:07] Intro and speed round

[9:30] The importance of critical thinking and avoiding confirmation bias

[16:37] Misinformation and how it’s presented

[27:56] How to evaluate scientific claims by checking sources

[33:08] The importance of cognitive diversity

[42:07] Using music to predict stock market trends

[49:26] Grooving Session: Overcoming biases to make informed decisions

Links

Alex Edmans ‘May Contain Lies: How Stories, Statistics, and Studies Exploit Our Biases - And What We Can Do About It’

Wason Selection Task

Sports Sentiment and Stock Returns