0

Recently, I watched an interview where the interviewee said "No choice, no problem". I tried googling but didn't come across anything useful.

I suspect it means that if you have no choice then there is no problem - as opposed to having choice which can cause problems.

So, what does it mean?

Thanks!

Here is the link to the interview. The pertinent information related to the phrase starts at 44:27 and phrase is used around 44:55.

1

Coming from a banking institution, I can tell you what Blankfein meant in that context. They were speaking about regulation in the banking industry and how "oppressive" some bankers find it. Blankfein made the opposite argument, stating that regulation is a fact of banking - "no choice, no problem." In other words, there is no way to avoid strict regulation in the banking industry. Since it's a fact of life, so to speak, there's no reason to see it as a "problem." See? You don't have a choice about it, so there is no problem, or reason to feel "oppressed" by it; you just deal with it as a part of doing business.

Looking at it in a different way - this phrase can mean that when you have real, difficult choices to make, they tend to be seen as problematic. See this book: Read the last paragraph on page 24 and the first on page 25, and you'll see the context. When you have no choice, you have no decision to make, and therefore no difficulties in making, implementing and living with the consequences of that decision. With choice comes the responsibility of choosing.

1

In a more general sense, one could make the argument that the lack of choice in certain situations both speeds decision making and levels opportunity costs, since all competitors are supposedly playing by the same rules.

SImilar arguments for streamlining through constraint are sometimes seen in game theory (e.g. hand selection and tournament strategies in poker) and user interface design.

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.