The Intuitive Advantage
Decision-Making Like Ben Franklin: Updating "Moral Algebra" for the 21st Century
This episode explores Benjamin Franklin's approach to decision-making, referred to as "Moral or Prudential Algebra," as described in a letter he wrote to Joseph Priestly in 1772. The episode examines Franklin's method of listing pros and cons and weighing their relative importance in making sound judgments.
We'll discuss:
● The historical context of Franklin's method and its relevance to modern decision-making.
● Practical examples of how Franklin's "Moral Algebra" can be applied to personal and professional dilemmas.
● Modern adaptations and improvements to Franklin's system, addressing its limitations.
● How data analysis and decision theory have evolved since Franklin's time.
Join us as we explore the enduring wisdom of Benjamin Franklin's approach to decision-making and learn how to apply these principles to navigate the complexities of the 21st century.
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- Duration:
- 5m
- Broadcast on:
- 14 Sep 2024
- Audio Format:
- mp3
Okay, so ever get that feeling like you're totally stuck when you got to make a big decision. Oh, yeah, we've all been there, you know, like new job offer, maybe thinking about moving, or even just like when you're trying to decide on a big purchase and it's just totally. It can be so overwhelming. But what if I told you there's a way to tackle those tough choices that's not only really effective, but it's actually older than America itself? Really? Older than America? Okay, now you've got me curious. We're talking Benjamin Franklin. Wow. Yeah, that Ben Franklin. And his moral or prudential algebra from 1772 to 1772. I mean, seriously, what were people even stressing about back then? Right. Choosing the wrong sheep to shear or something. Can you imagine like having to write out all the pros and cons on like a piece of parchment? With a quill pen. Exactly. Yeah. But you know, it just shows that even back then, people were looking for ways to make thought out choices. And the interesting thing is from what I've read about Franklin, he really wanted to get past just going with your gut. He was all about analyzing decisions logically. And that's where this moral algebra comes in, right? Exactly. So is it basically like a super pro con list or something? Yeah, you could say that. But he had a system like he was really big on taking your time. I'm talking several days. About real. Yeah, to let your thoughts, you know, really develop. He said you divide a piece of paper pros on one side cons on the other and you'd write down every single reason you could think of for and against. Okay, I have to admit, I'm already feeling a little calmer just thinking about getting all of that out of my head and onto paper. It's a good feeling, right? No more like second guessing myself in my head, you know, exactly. It's all out there. But then this is where I think Franklin's method could use a little, I don't know, maybe a modern update, because the next thing he says is to like estimate their respective weights, all those pros and cons. Yeah, see, that's where I feel like I get tripped up, because estimating it's such a guest. Right. And he's brilliant. Don't get me wrong. Like, he's really good at making sure you get everything down on paper. But then when it comes to actually figuring out how much each thing matters, it's almost like he just assumed everyone has these perfectly balanced scales in their brain. If only. Maybe he had some secret brain hack back then. So, okay, I'm dying to know, how do we actually apply this today? Well, luckily there's this whole field. It's called decision theory. And it gives us some pretty cool tools. So instead of just, you know, brainstorming all willy nilly, you can add a bit more, I guess you could say structure to the way you weigh those pros and cons. Like some people, they love using scales like 110 for each item. Yeah, okay, that makes sense. It's a way more concrete than just going. Oh, yeah, that's a big pro. Or hey, it's just a minor con. Exactly. You're putting a number on it. Another way some people do it is using percentages. So everything for, and this is important, everything for that one choice has to add up to 100 percent. Oh, interesting. And I personally, I find that really helpful because it forces you to think about what's actually important compared to everything else. It's like you're budgeting, but for your brain and for decisions. Yes. And it actually highlights another area where Franklin's method, it could, you know, it could use a little something extra because he talks about striking out items that have equal weight on each side of your list, the pros and cons, and you do that to find the balance. But then, then what? How do you actually choose if everything is crossed off? It's like you finish a game and it's a tie, but then no one keeps score. So what was the point of playing? That is a fantastic analogy. Yeah. And that is kind of the issue if you just stick with a straight up pro con list because it doesn't give you a way to actually, you know, score your options. And that's where something called a decision matrix can really come in handy. A decision matrix. Okay. That sounds maybe a tiny bit of timidity, but I'm always down to try new things. So lay it on me. Oh, it's really not that bad. I promise. It's actually pretty simple, basically just picture like a grid. And at the top, you've got your options. So, you know, whatever it is, you're actually deciding between. And then down the side, you've got all those factors, this pros and cons that we were talking about, all those things you wrote down. But now, this is key. You want to get specific, like measurable, even not just like this apartment has a balcony, but exactly it more like apartment a balcony, nine out of 10, because it's huge and has a view, apartment be balcony, two out of 10, because it's tiny and faces a brick wall. Okay, I'm starting to see how this all comes together. Right. It's all about making those comparisons crystal clear. And remember those percentages we were talking about for how important each thing is to you? This is where they really shine. You actually multiply each factor score by its weight. Oh, cool. So if having a balcony is super important to me, it gets a higher way, right? You got it. It's like, you're finally giving your priorities a voice, no more vague feelings, just data. And then, and this is the really satisfying part, you just add up all the weighted scores for each option boom decision made. I love it. It's like we took Ben Franklin's idea, gave it a 21st century makeover. And now we have this awesome system. Exactly. And you know what the best part is? No matter how complicated things seem at first, this process really forces you to figure out what's actually important to you. That's huge. Who knew we could get so much practical advice from a founding father? Right. And it just goes to show even centuries later, good decision making, it's still about asking the right questions and then finding a system that works for you. Totally. This has been so eye opening. So listeners, next time you're facing a tough choice, remember Ben Franklin and his quest for making smart decisions. Maybe grab a piece of paper or even just open up a spreadsheet and give his moral algebra with our modern twist, of course, a try. Thanks for joining us for another deep drive, everyone. We'll see you next time.