How First Principles Thinking Fails
Thinking is split roughly into pattern matching against experience, and reasoning from first principles. Here's one argument for why you need both.
Source: commoncog.com
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One way that first principles thinking fails is when you build your analysis up from a deficient set of base principles. Everything is correct and true, but you still end up mistaken. Here's how that looks like in practice.
Source: commoncog.com