Thinking fast and slow:- author Daniel Kahneman

Summary

• System 2 is a phenomena of slow thinking whereas system 1 is a process of fast thinking premised on making intuitive decision not undergoing through a detailed slow decision making process.[2] Hence it is absolutely necessary to recognise the issues which require system 1 thinking process and system 2 process in order to minimize risk of making a mistake.
• Hence system 2 can perform those tasks which require intuition as well as knowledge and where mind requires switching from one task to another.It has often been notices that people who are ‘cognitively busy ’or are always occupied or obsessed with digits, memorizing information or busy work schedules tend to have been influenced more by system 1 and are more likely to make decisions based on temptation, intuition, fast decision process in social situations.
• Since laziness and lethargy is in-built in human beings, therefore system2 thinking gets subdued by the intuitive and quick decision making process of system 1 especially in situations where information is scarce[3].System 1 helps in creating first impressions which is likely to create a halo effect about a personality and such impressions are based on intuition, scarce information and perhaps lead towards biased approach in determining relations, point of view or perception of attributes about a person.

AI Generated Summary

By Sheraz Zaka

This book was a best seller and the concepts and discourse initiated in this book is an eye opener regarding how the modern man makes a decision which influence our economic and social choices. The book has been written by a psychologist Daniel Kahneman, a winner of Nobel prize in economics.