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Robert C. Merton

Robert C. Merton

American economist

Jul 7, 2026

23:21
... where, oh, when I signed up to this thing, this is what my expectation was of it, but now stuff is going on in the world, and I'm looking at it, and I'm going, "Is it going to plan, or it's not going to plan?" How do you get people's mindset at the start to expect this stuff?
23:35
Yeah.
23:35
That's the f- the first thing, is to get them comfortable with uncertainty, and that's where the advisor comes in.
23:41
That's where the government comes in to get them to make sure that the products that are being offered are doi- meeting those conditions, and then present the mater- you know, take the complexity out so that they can understand it, that they can understand what their situation is relative to what they're trying to achieve, and then you'll see that they can make good decisions without having complexity.
24:37
That is actually a really good point.
24:40
If you have to look at the manual- Your product's in trouble with the user.
24:45
They have to be able to take it out of the box and use it, and the manual's on the internet in case you have a problem to look something up, okay? That's the same idea.
24:53
Design your product based on what your customer, the actual customer, not an avatar, not a coder, not an engineer, but the user already knows.

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