Government central bankers and policymakers could create perpetual prosperity through wise decision making: increase spending, cut taxes and print more money when times are slow; do the opposite when the economy starts to "overheat".
We suggest that, while the visual aid was designed and evaluated as a means of increasing the quality of reasoning that supports a decision, it may also have potential as an aid to therapeutic interventions aimed at encouraging wiser decision-making.
The more DfiD seeks to direct aid from the centre, the harder it will be to achieve results on the ground, where what matters most is wise decision-making in complex contexts.
The basic problem, Mr. Schwartz and Mr. Sharpe argue, is that too many doctors, lawyers and business types must operate under too many rules and regulations, which by their very existence are intended to reduce discretionary behavior — free thinking being the basis for wise decision-making.
"A president and his senior advisers," the vice president said then, "must be able to work in an atmosphere that respects confidentiality of communications if the president is to get the good, candid advice and other information upon which wise decision-making depends".
Although there is no possibility of writing a book of rules, however long, that will serve as a complete guide to wise decision-making, it would be a mistake to attribute to Aristotle the opposite position, namely that every purported rule admits of exceptions, so that even a small rule-book that applies to a limited number of situations is an impossibility.
"I'll be the first to admit I have not been as wise with my decision making as I should have been," he says, his voice getting quieter toward the end of the sentence.
Knowing when to defer to people who are wiser, or at least include them in the decision making, is the key.
When it came to decision making, he held that wisdom resided with the wise.
In this state, decision making becomes automatic.
Our decision making was diabolical".
