Two ways embracing the phrase “I don’t know” can improve life:
Socially: Don’t be too quick to judge other people. Joe might act like a jerk, but maybe he’s going through a tough time at home. Maybe his wife just asked for a divorce. Jane may not enjoy hanging out anymore, but maybe it’s because she’s depressed. Point being, don’t take every interaction with other people too personally. There’s more going on in their life than meets your eye.
“Be kind, for everyone you meet is fighting a hard battle.” – (unknown)
I’ve found this quote to be a good rule of thumb. It reduces a lot of unproductive anger, stress, and resentment.
Economically: The knowledge required for an economy to run efficiently is not only dispersed among individuals, it’s constantly changing. Producers and consumers each possess their own unique knowledge. This is what Friedrich Hayek referred to as the “particular circumstances of time and place.” No central authority has the ability to collect and implement this knowledge. That’s why maintaining a humble (read: laissez-faire) attitude toward the economy is the path to increased prosperity.