Wednesday, November 14, 2012

Perfect Information

...swift to hear, slow to speak, slow to wrath...

In Economics 101, you are taught that for you to have a perfect economy, one where free market forces operate and you have perfect competition, a key underlying assumption is the availability of perfect information. A perfect economy is where limited resources are allocated efficiently and optimally to meet the needs that exist in the economy. This will occur if all economic agents are rational and have perfect information enabling them to create demand for the best products which the market will now have to supply, resulting in optimal resource allocation.

Unfortunately we know that this is not true, economic agents are not always rational and they don't have perfect information (with some thanks to the marketing profession), as a result their decisions are not well informed and markets to allocate resources efficiently.

I thought about this in light of human relationships and the judgements we make about people or situations. I find that we are inclined to make decisions based on limited information and this can have adverse effects on us and those we relate with. We are quick to arrive at conclusions and make judgements based on this information, which most times we have not taken the time to confirm.

I was discussing with colleagues at work recently about how people will point to our sector and say we are not doing much. In fact some have questioned our competence and whether we are in tune with worldwide trends and thinking progressively. It is interesting that after discussing the issues with them and providing them with additional information, they discover that their conclusion was arrived at on the wrong premise. They gain an insight into the sector and are able to appreciate the progress that has been made.

This is just to point out that before you arrive at a conclusion, it is wise to consider whether you have gathered adequate information to merit that conclusion. This is especially important in the area of relationships with other people. You will generally get this information if you listen and ask the right questions, before you arrive at a conclusion.

This is the reason why we are exhorted to be "swift to hear, slow to speak, slow to wrath" (James 1:19) and to hear a matter before answering (Proverbs 18:13). It is interesting that James links the listening to speech and wrath or anger. If we don't have the right information, we will say words that are inappropriate and perhaps become angry when we really shouldn't be. Proverbs 18:13 says if you answer a matter before hearing it fully, it is folly to you, in other words, it is wise. Before you come to a conclusion about a person or situation, make sure you gather adequate information...you may not have perfect information, but the more information you gather, the more you listen, the clearer picture you will have from which to base your conclusion or decision.

Keep listening...

Tuesday, November 13, 2012

#MOMENTUM

Momentum... I wont even lie that I remember the definition of the word from my Physics classes in high school... yeah Mr. Muleme would not be proud... still got a good grade at the end of the day though...haha..

Anyway, that is besides the point... you see, I haven't blogged since 12 July, 2012... which makes it 4 months ago... quite long.. does it mean I haven't been thinking or I haven't had thoughts worth putting down. Quick answer... NO... I have been thinking, reading...but yes these have not been put down...

I lost the initial momentum I had in the first few months of starting this blog...and it got me thinking... how many things do we start and end up not completing because we did not maintain the initial momentum we had? Personally, I can point to a whole bunch of things... sadly or unfortunately... funny thing is when you start whatever it is.. there is an excitement and you put in all you've got...but with time, that excitement falls off.. the key to maintaining the momentum is therefore to maintain the excitement

I am not going to give you 10 steps on how to maintain the excitement, that's a post for another day...but I have at least gotten you thinking about it...and it has given me an excuse to blog again... :)..more posts coming up..