“Show me the incentive and I’ll show you the outcome”.

While a tad oversimplified, Charlie Munger’s famous one-liner is sort of like the Occam’s Razor of human behavior – especially at scale. People are generally far more driven by self-interest than by any other factor.

Indeed, history clearly demonstrates that while people might tolerate a certain degree of behavioral sticks – they’ll build their lives around the right carrot…