Thinking Fast and Slow - Daniel Kahneman in conversation with Richard Layard
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Speaker(s): Professor Daniel Kahneman, Professor Lord Richard Layard
Recorded on 15 November 2011 in Old Theatre, Old Building.
Two systems drive the way we think and make choices: System One is fast, intuitive, and emotional; System Two is slower, more deliberative, and more logical. Over many years, Daniel Kahneman has conducted groundbreaking research into this – in his own words – "machinery of the mind". Fast thinking has extraordinary capabilities, but also faults and biases. Intuitive impressions have a pervasive influence on our thoughts and our choices. Only by understanding how the two systems work together, Kahneman shows, can we learn the truth about the role of optimism in opening up a new business, and the importance of luck in a successful corporate strategy, or the difficulties of predicting what will make us happy in the future, and the psychological pitfalls of playing the stock market. Kahneman shows where we can trust our intuitions and how we can tap into the benefits of slow thinking. He offers practical and enlightening insights into how choice are made in both our business and personal lives – and how we can guard against the mental glitches that often get us into trouble.
This public conversation between Professor Kahneman and Professor Lord Layard celebrates the publication of Kahneman's new book Thinking, Fast and Slow.
Daniel Kahneman is Eugene Higgins Professor of Psychology Emeritus at Princeton University and a Professor of Public Affairs Emeritus at the Woodrow Wilson School of Public and International Affairs. The recipient of the 2002 Nobel Prize in Economics for his seminal work in psychology that challenged the rational model of judgment and decision making, his ideas have had a profound and widely regarded impact on many disciplines – including economics, business, law and philosophy. Until now, he has never brought together his many years of research and thinking in one book.
Richard Layard is Emeritus Professor of Economics at the London School of Economics, where he was, until 2003, the founder-director of the Centre for Economic Performance. He now heads the Centre's Programme on Well-Being. Since 2000 he has been a member of the House of Lords.
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