Monday, April 6, 2015
A Billionaire's Critique Of Economics
Charlie Munger is Warren Buffet's partner who has been a major contributor to the fantastic success of Berkshire Hathaway. He was asked to give a talk at the University of California at Santa Barbara about economics. He was generous in his praise for many of the ideas in economics, but he was unsparing in many of his criticisms of the profession. His perspective, of course, is that of an investor who has to put a value on businesses. He and Warren Buffet are pretty good at that game and they avoid using many of the tools used by economists and consultants. His talk is sprinkled with interesting insights that he has gained from experience; it is also very humorous.