An Economist’s Guide To Life’s Big Decisions - Russ Roberts - #531

**Chris Williamson** (0:00)
Hello everybody, welcome back to the show. My guest today is Russ Roberts. He's an economist, a research fellow at Stanford University, an author and a podcaster. Economics promised us a model which works for all of life's decisions, from what to buy for lunch to investing in a company. But when you're faced with decisions like where to live, how many children to have, whether to get married or what sort of person you want to be, it falls short. Thankfully, Russ has a new toolkit. Expect to learn why Charles Darwin made a checklist before marriage which said his wife was slightly better than a dog, why the decision about whether to have children is so difficult to predict, whether rationality is totally incompatible with the decisions that define us, why happiness is overrated as an optimizing function, whether tradition is any use at all and much more. I really really enjoyed this episode. Russ is a cool guy. I like people who have been through the wringer of the utilitarian hyper rationalist's economics expected value calculation approach and come out the other side with genuine wisdom and ease and grace and Russ is an absolute baller. You're going to enjoy this one. In other news, this episode is brought to you by Surfshark VPN. Protect your browsing online and get access to the entire world's Netflix library for less than the price of a cup of coffee per month. It takes two minutes to set up, download the app, press your location and you have protected browsing plus that means that you can change where you are to wherever the territory of the particular Netflix library you want to have a look at is and it means that you get access to all of America's Marvel movies and series that they've got. If you're in America, you can check out what we've got going on over here in the UK perhaps Peaky Blinders is available earlier than it is in America. Also, I learned the other day that if you work on a public Wi-Fi somewhere like a coffee shop or a library, the admin of that network can see all of the websites that you visited if you're not using a VPN. So I highly, highly recommend this. If you use any public Wi-Fi services, also your own internet service provider from your house can see everything that you've been looking at and they sell that to advertising companies that target you with ads and phishing websites to try to steal your data and all of this is fixed if you get Surfshark. Head to surfshark.deals.modernwisdom to get an 83% discount, three months free and a 30 day money back guarantee. So you can buy it and try it for 29 days. And if you don't like it, they'll give you a money back. Surfshark.deals.modernwisdom. In other other news, this episode is brought to you by Element. Element contains a science backed electrolyte ratio of sodium, potassium and magnesium to optimize your hydration. It is the best way to start a morning. You already know that you don't need caffeine. First thing in the morning, your adenosine system isn't active and it's your adrenal system, but it just tastes good. It's a gorgeous salty, orangy or raspberry or lime or whatever flavor it is that you go for. Drink first thing in the morning. You're going to have better brain health. You're going to have reduced muscle cramps, less fatigue, improved appetite regulation and fewer cravings throughout the day. Element is the exclusive hydration partner to Team USA Weightlifting and relied on by tons of Olympic athletes, high performers in the NFL, NBA, NHL, Special Forces, Navy SEAL teams, FBI sniper teams and Marines, plus tech leaders and everyday athletes around the world. Also, they've got an unlimited refund policy. So if you buy it and you don't like it at any point for the remainder of your life, you can ask for your money back and you don't even need to return the box. That's how confident they are that you'll love it. Get a free sample pack with your first box by going to drinklmnt.com/modernwisdom.
The sample pack has got all eight flavors from Element in there. So you can try all of them. And all that you have to do is buy your first box, drinklmnt.com/modernwisdom. And in final news, this episode is brought to you by Verso. Verso cell being is a nicotinamide mononucleotide or NMN based supplement. NMN is a precursor to NAD and NAD is essential for life. Reducing levels of NAD are associated with age related diseases. So if you've been thinking that you want to get started with an NMN supplement, Verso cell being is a fantastic place to begin. It's also got trans resveratrol and TMG in it that both amplify the effects of the NMN that you're getting. If you want to begin a supplement regime, which is going to impact your longevity in a positive way, all of the guesswork has been taken out of it with cell being because you don't need to work out what blend of different types of products to take and what time of the day. It is all sorted for you. One package, two tablets, once per day. That's it. Also, you can get 15% off your first order by going to ver.so slash modern wisdom and using the code MW15, a checkout to save 15%. That's ver.so slash modern wisdom and MW15, a checkout. But now, ladies and gentlemen, please welcome Russ Roberts.