The power of unconventional thinking | David McWilliams | Ted Talks Daily

Intro

In this episode of the “Ted Talks Daily” podcast, economist David McWilliams explores the power of unconventional thinking with the help of poet William Butler Yeats. He discusses the limitations of traditional education, the dangers of overconfidence, and the importance of surrounding ourselves with diverse perspectives. Through thought-provoking examples and insights, McWilliams challenges listeners to broaden their horizons and seek knowledge from unconventional sources.

Main Takeaways

The Power of Unconventional Thinking

• David McWilliams, an economist and poetry fan, demystifies economics with the help of poet William Butler Yeats.
• The contrast between what the poet was saying and what all the economists were saying.
• The poet gives themselves permission to think unconventionally at a tipping point.
• The value of unconventional thinkers.
• The traditional education system only recognizes one type of intelligence.
• Dyslexic students and unconventional thinkers are often overlooked and their intelligence is belittled.
• The system creates a strange phenomenon where clever people leave school feeling stupid and vice versa.
• Confirmation bias affects hiring practices and leads to a lack of diversity in thinking within institutions.
• Surrounding ourselves with people who think differently is important for personal and institutional growth.
• Overconfidence can lead to overestimating competence, which can lead to critical mistakes.

The Dangers of Overconfidence

• The term FEC is a linguistic version of a white lie.
• Dunning Kruger is a psychological phenomenon where people with low ability overestimate their competence.
• Lemon juice was used by a bank robber to try and make himself invisible, showcasing the dangers of overconfidence.
• The Kruger effect is more prevalent in men than women.
• Overconfidence can lead to dangerous situations.
• The 2008 financial crisis was missed by the majority of economists and financial institutions due to overconfidence.
• Looking for proof instead of changing one’s mind can lead to big mistakes.
• The best lack all conviction and the worst are full of passionate intensity, so it’s important to not lack conviction in critical moments.

Seeking Knowledge from Unconventional Sources

• Musicians see the world from a different angle and are able to see possibilities that others may miss.
• Listening to poets can help us understand the world more clearly than listening to economists.
• It’s important to not lack conviction in critical moments.
• Poet William Butler Yeats’ tribe can offer valuable insights into the world.
• The speaker encourages listeners to broaden their perspectives and seek knowledge from diverse sources.

Summary

The Power of Unconventional Thinking

David McWilliams discusses the value of unconventional thinking and the limitations of the traditional education system. He highlights the importance of recognizing different types of intelligence and the need to support unconventional thinkers. McWilliams also emphasizes the impact of confirmation bias on hiring practices and the benefits of surrounding ourselves with diverse perspectives for personal and institutional growth.

The Dangers of Overconfidence

McWilliams explores the dangers of overconfidence and its role in critical mistakes. He shares examples of overconfidence in various contexts, including the 2008 financial crisis, and highlights the importance of not lacking conviction in critical moments. McWilliams also discusses the psychological phenomenon of Dunning Kruger and its prevalence in men.

Seeking Knowledge from Unconventional Sources

McWilliams encourages listeners to broaden their perspectives and seek knowledge from unconventional sources. He emphasizes the unique insights that musicians and poets can offer, highlighting their ability to see possibilities that others may miss. McWilliams suggests that listening to poets, like William Butler Yeats, can provide a clearer understanding of the world compared to listening to economists.

Conclusion

David McWilliams’ talk on the power of unconventional thinking challenges listeners to question traditional norms and seek knowledge from diverse sources. By recognizing the limitations of the traditional education system and the dangers of overconfidence, McWilliams encourages a shift towards embracing unconventional thinkers and surrounding ourselves with diverse perspectives. Through his thought-provoking examples and insights, McWilliams inspires listeners to explore new ideas and perspectives in order to navigate an ever-changing world.