Two of my favorite ideas from Thomas Sowell: one from a quote and the other from a story that I believe I read in Forbes magazine a hundred years ago. I couldn't find the sources, so you'll just have to trust my memory.
The quote, which I used to share with my classes when discussing the works of Sir Karl Popper, goes some like this: "I can prove anything if I use verification," meaning if one looks for examples that support one's premise. Sadly, even some of my favorite fellow travelers are guilty of seeking only sources that prove their cases. Confirmation bias is that cozy feeling we get when we find data or anecdotes with which we agree. What's harder is to take the time to look for information that refutes our premise. I have noticed that authors whom I like the most will respectfully present more than their side of an argument.
The story is one that Sowell told of being recruited by a big Wall Street investment firm after college. They seemed very enthusiastic about hiring him. But then he asked the people interviewing him how the company held itself accountable to their customers regarding its failures.
Sowell wanted to know if, for example, they published a "score card" every year on how well their advice and predictions did.
End of interview. They didn't hire him.
I think the story came out of a discussion of how at the time Forbes required their investment columnists to comment on the results of their forecasts, submitting themselves to a public evaluation.
Both ideas share a desire to seek the truth, a hallmark of his work. Thanks for sharing this.
Two of my favorite ideas from Thomas Sowell: one from a quote and the other from a story that I believe I read in Forbes magazine a hundred years ago. I couldn't find the sources, so you'll just have to trust my memory.
The quote, which I used to share with my classes when discussing the works of Sir Karl Popper, goes some like this: "I can prove anything if I use verification," meaning if one looks for examples that support one's premise. Sadly, even some of my favorite fellow travelers are guilty of seeking only sources that prove their cases. Confirmation bias is that cozy feeling we get when we find data or anecdotes with which we agree. What's harder is to take the time to look for information that refutes our premise. I have noticed that authors whom I like the most will respectfully present more than their side of an argument.
The story is one that Sowell told of being recruited by a big Wall Street investment firm after college. They seemed very enthusiastic about hiring him. But then he asked the people interviewing him how the company held itself accountable to their customers regarding its failures.
Sowell wanted to know if, for example, they published a "score card" every year on how well their advice and predictions did.
End of interview. They didn't hire him.
I think the story came out of a discussion of how at the time Forbes required their investment columnists to comment on the results of their forecasts, submitting themselves to a public evaluation.
Both ideas share a desire to seek the truth, a hallmark of his work. Thanks for sharing this.