Carpe Diem: Seize the Day

  Carpe diem is a Latin phrase that means “seize the day”. It encourages people to focus on the present, appreciate the value of every moment in life, and avoid postponing things unnecessarily, because every life eventually comes to an end. For example, the principle of ‘carpe diem’ suggests that if there’s an event that …

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Homo Economicus: On the False Assumption of Perfect Rationality

  The term homo economicus (‘economic man’) refers to people as they’re portrayed in certain economic theories, where they’re seen as ideal decision-making machines, with flawless rationality, unlimited cognitive capacity, perfect access to information, and a narrow-range of consistent, self-interested goals. Roughly speaking, this means that the homo economicus can be seen as someone who …

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Bikeshedding and the Law of Triviality: Why People Focus on Minor Issues

  Bikeshedding (also referred to as the law of triviality) describes a phenomenon where people spend a relatively large amount of time, energy, and other resources dealing with relatively minor issues. For example, a corporate committee who engages in bikeshedding might spend more time discussing the construction of a small bikeshed compared to the construction of an …

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