All That Glitters ... Isn't Gold
Wandering Wednesdays #63
Bumpy
Once upon a time, a phrenologist would feel the bumps on your head and give you career advice. Aren’t we glad career counselors don’t do this nowadays?
Phrenology was a pseudoscience that mapped the bumps on a person's head to determine their traits and character. Very popular across Europe during the Victorian era, phrenology heads or busts were often used to read a person's character.
Even with all the the nutty conspiracy theories we are surrounded by nowadays, it’s easy to dismiss this as nonsense.
And yet, we want proxies so badly, we embraced this idea for nearly two centuries, despite a lack of evidence.Anti Aging
That was then. Notwithstanding all the progress in science and better education, we continue to engage in this soothsaying search for proxies even now. A few examples:
A high GPA is regarded as a sign of intelligence. However, grades don't always accurately reflect a person's intellectual abilities. Some people excel in standardized testing but struggle with critical thinking or problem-solving in the workplace.
The number of followers or likes and comments you get on social media is also a false proxy for popularity and genuine connection.
Investors often focus on the price of a stock as a measure of a company's success. However, stock price is influenced by many factors, including market sentiment, economic conditions, and industry trends.
From the pseudoscience of phrenology to the modern obsession with social media likes, we have a long history of falling for false proxies. Perhaps it's because we crave simple answers in a complex world. Or maybe it's just human nature to be easily fooled by shiny objects.It's easier to fool people than to convince them they've been fooled.
Mark Twain
Horsepower
Maybe you fantasize about zipping around in a Ferrari or a Lamborghini. You’re smart. You’re rich. You’ve good taste. You’re important. Yes?
Or maybe your fantasy involves jewelry, designer clothes, junkets. Whatever.
It’s true that most of us want to be respected and admired by others but flaunting our wealth may bring less of it than we imagine. I admire these cars when I see them on the road but I’ve never been curious about the owners. Have you?
False proxies are expensive and they create significant social and moral hazards.
If respect is our goal, we've to be careful how we seek it. Humility, kindness and empathy will bring more respect than horsepower ever will.Besides:
Spending money to show people how much money you have is the fastest way to have less money.
Morgan Housel
Doll Secret
I was going to hang up the phrenology poster as a way to remind myself not to fall into this trap. But its ugly, so I will use the traditional Japanese daruma dolls instead.
These roly-poly talismans are meant to hold our hopes — I will color the left eye when I finish writing. And the right eye when the wish is fulfilled.
Wish me well and don’t forget to choose your own false proxy buster.