Transcript
A (0:00)
Hello, everybody. Welcome back to the show. My guest today is George Mack. He's a writer, marketer and an entrepreneur. Thinking for yourself is one of the most important skills you can develop. However, it's hard, it's a difficult task to overcome the boring, negative, irrational trends around you, which is why you need some new tools in your mental models box. Expect to learn what the Keynesian beauty contest is, why memes are so influential in society today, which behaviors appear positive but actually harm you in disguise, what the forgetting paradox is, what the most useful emotional state is, why ignorance is bliss is a put down in 2023, and much more. George has been coming on the show for five years now, and every single time that I get to speak to him, I love it. He has one of the best insights into human nature and social trends and why we are the way we are. And I just love it. This is what we talk about over dinner or coffee. And it's exactly the same conversation now, just minus the coffee and the dinner and one week. Today it's Christmas. It's gonna be Christmas Day and there will be no episode on Christmas day. Time to put your phone down and spend it with the people that you enjoy that are around you. But we've got a Christmas special coming out. We've got a Lessons from 2023 episode this Thursday, which is so good and was one of the biggest, most played episodes of last year. So you don't wanna miss that. And then in between Christmas and New Year, we've got some more special stuff too. So I hope that you are winding down appropriately ready for the new year. Also, if you need an annual review, you can get that right now for free by going to ChrisWillex.comreview. it's an annual review template that I've used every single year to recap the lessons from the last 12 months and plan the year ahead. You can get that right now for free@chriswillx.com review. But now, ladies and gentlemen, please welcome George Mac. The Keynesian Beauty Contest. What's that?
B (2:16)
So the Keynesian Beauty contest is this idea of different levels of human interaction with things. So let's say you lined up a hundred people and Chris has to go rank them in order of who's the most attractive. That's like level one, but level two, that's quite a simple idea. But level two is when you're also predicting what everybody else in the room will think. And what's really interesting is what Chris will rank is very different to what he will think. Everybody Else will think. And then level three is another layer when you have to factor in everybody else, knowing that everybody else is playing the game. And what's interesting is when they run these experiments, let's say they ask people to rate the cutest dog video what they think is the cutest versus what the group, then when they vote for the group will be the cutest. It completely becomes different. So when people are aware of other people's perceptions, it completely shapes things. So in terms of, like a practical application for this, there was a period where the Lib Dems were voting higher and higher in the polls, almost up there with Conservative and Labor. So people were saying, oh, these guys are great, these guys are great. But then when it comes to that level two thing, well, what is everybody else going to vote for? People don't actually vote for them because they're factoring in everybody else. So when you're dealing with thinking systems or other people and predicting what they're going to do, the behavior becomes a lot more complex as a result.
