{"id":27527,"date":"2024-07-20T19:08:35","date_gmt":"2024-07-20T17:08:35","guid":{"rendered":"https:\/\/normanrentrop.de\/?p=27527"},"modified":"2024-07-20T19:08:36","modified_gmt":"2024-07-20T17:08:36","slug":"important-but-not-measurable","status":"publish","type":"post","link":"https:\/\/normanrentrop.de\/en\/important-but-not-measurable\/","title":{"rendered":"Important, but not measurable"},"content":{"rendered":"<blockquote><p>You\u2019ve got a complex system and it spews out a lot of wonderful numbers that enable you to measure some factors. But there are other factors that are terribly important, [yet] there\u2019s no precise numbering you can put to these factors. You know they\u2019re important, but you don\u2019t have the numbers. Well practically everybody (1) overweighs the stuff that can be numbered, because it yields to the statistical techniques they\u2019re taught in academia, and (2) doesn\u2019t mix in the hard-to-measure stuff that may be more important. That is a mistake I\u2019ve tried all my life to avoid, and I have no regrets for having done that.<\/p><\/blockquote>\n<p>Charlie Munger &#8211; Vice Chairman of Berkshire Hathaway (1924-2023), from his Herb Kay Undergraduate Lecture &#8220;Academic Economics: Strengths and Faults After Considering Interdisciplinary Needs&#8221; at the Economics Department at University of California, Santa Barbara (October 3rd, 2003)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You\u2019ve got a complex system and it spews out a lot of wonderful numbers that enable you to measure some factors. But there are other factors that are terribly important, [yet] there\u2019s no precise numbering you can put to these factors. You know they\u2019re important, but you don\u2019t have the numbers. Well practically everybody (1) [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[22,63,45],"tags":[],"class_list":["post-27527","post","type-post","status-publish","format-standard","hentry","category-all-quotes","category-goals","category-knowledge"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Important, but not measurable<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/normanrentrop.de\/en\/important-but-not-measurable\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Important, but not measurable\" \/>\n<meta property=\"og:description\" content=\"You\u2019ve got a complex system and it spews out a lot of wonderful numbers that enable you to measure some factors. But there are other factors that are terribly important, [yet] there\u2019s no precise numbering you can put to these factors. You know they\u2019re important, but you don\u2019t have the numbers. 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