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Thinking Fast And Slow Book Review

756 words - 4 pages

The book that I chose for this book review is Thinking Fast and Slow by Daniel Kahneman. He is an Israeli-American psychologist and winner of the 2002 Nobel Prize in Economic Sciences. He is notable for his work on the psychology of judgment and decision-making, behavioral economics and hedonic psychology. The main thesis of the book is quite simple. When judging the world around us, we use two mental systems: Fast and Slow. The Fast system (System 1) is mostly unconscious and makes snap judgments based on our past experiences and emotions. When we use this system we are as likely to be wrong as we are to be right. The Slow system (System 2) is more rational, conscious and slow. They work ...view middle of the document...

People who achieve high degree of success are also exposed to a high degree of failure and the regression toward the mean may be due to this possible mirror effect. Spectacular success may go with spectacular failure and run-of-the-mill success may go with run-of-the-mill failure. Eventually everyone may regress toward the mean, but the ride can be very different. Chance does not account for that.
Furthermore, the theory has holes. It is argued that, since System 2 is where we conduct our rational choices, System 1 must therefore be irrational. And, since we are largely governed by System 1, our actions are based on non-rational processes. Yet, Kahneman neither explains how the different systems arise, nor does he examine what the systems are made up of. He simply shows that people think and make decisions in two different manners.
Since Kahneman's work has been so influential, a lot of the ideas presented in the book might not be new. Cognitive biases such as loss aversion, priming, and framing have all been presented and analyzed in nearly every Behavioral Economics book out there. On the other hand, while the ideas are not novel, it is rewarding to read an...

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