Barry Schwartz: Using our practical wisdom

The video discusses the widespread dissatisfaction with institutions and the reliance on rules and incentives to address this. It introduces Aristotle's concept of practical wisdom, emphasizing the need for moral will and skill. Examples of practical wisdom in action are provided, highlighting the limitations of rigid rules. The video also discusses system-changers who transform systems for better outcomes. It concludes by stressing the importance of practical wisdom for happiness and meaningful work.

What is the main issue highlighted in the introduction regarding institutions?

• They are too flexible.

• They are too focused on individual needs.

• They fail to serve the interests of the people.

• They are overly transparent.

What is one proposed solution to institutional failures discussed in the second section?

• Increasing transparency.

• Creating more detailed rules.

• Eliminating all incentives.

• Reducing the number of institutions.

According to Aristotle, what is 'practical wisdom'?

• The ability to follow rules strictly.

• The moral will and skill to do the right thing.

• The capacity to memorize laws.

• The talent for financial management.

In the example of Judge Lois Forer, what was her initial decision regarding Michael's sentence?

• To sentence him to five years in prison.

• To impose a sentence of 11 months with work release.

• To acquit him of all charges.

• To give him a life sentence.

What was the consultant's advice to Ms. Dewey regarding student focus?

• Focus on students who will fail regardless.

• Focus on students who are on the verge of passing.

• Focus on students who are new to the district.

• Focus on students who will pass regardless.

What is a 'canny outlaw' as described in the final section?

• Someone who ignores all rules.

• Someone who finds ways to work around rules.

• Someone who creates new rules.

• Someone who strictly follows all rules.

What is the role of a 'system-changer'?

• To eliminate all incentives.

• To avoid all rules and regulations.

• To transform the system for better outcomes.

• To enforce existing rules more strictly.

What was the outcome of Judge Russell's Veterans' Court?

• No veterans returned to prison.

• Increased prison sentences.

• High recidivism rates.

• No change in veteran outcomes.

How did the community bank mentioned in the final section achieve success?

• By doing well through serving low-income clients.

• By selling loans immediately after approval.

• By focusing solely on high-income clients.

• By avoiding all high-risk loans.

What is the key to happiness according to Aristotle, as mentioned in the final section?

• Strict rule-following.

• Love and work.

• Wealth and power.

• Fame and recognition.