Science

The advancement of science does not rid man from problems, but instead plunges him more deeply into them.

Model

The simplification of a model needs to lead to some fundamental insights that transcend the constraints of the model.

Distribution of Income

Income is actually not distributed. It is the outcome of the market.

If you happen to have the talents or resources that are in high demand, then you will get wealthy. In other words, you become rich if you can satisfy other people's wants.

Difference between a bad economist and a good one

A bad economist confines himself to the visible effect; the good economist takes into account both the effect that can be seen and those effects that must be foreseen.  -- Frederic Bastiat

Psychological obstacles

You need to call the customer services for a free shipping label for returning producer. Or else you've got to pay.

Herd behavior. Another perspective

We have this inner perception that whatever in high demand is of high quality. So aware o it or not, we tend to pursue whatever others are after.

"copying explains why mate choice is highly unanimous even when mate choice correlates poorly with observable characteristics of male or their site."
Bikhchandani, Hirshleifer and Welch (JPE 1992)

This can also explain why people want to be likely others, because they consider being liked as an indication of inner quality and hence it can increase self-worth.

Bayesian update of information: little attention is paid to familiar information

人的大脑，往往会忽略掉那些可以 预知、有经验可依的事物。会议过程中 ，你可能会睡着；交谈过程中，你可能 会走神……可以预知结果，思维神经会相 应放松。对于那些无法预知结果的事物 会格外的关注，神经会高度紧张。因不 确定那其中的真相是什么，一颗心时刻 提在嗓子中，抓狂！对信息只言片语的 了解，会加深人内心的不确定感，让心 情时刻处在戒备和慌张状态。