6:10 “Temptations. When you’re poor, when you’re suitcase is very tight, things that ought to be regular, taking cabs, buying pizzas, become a temptation you might need to resist. You’re constantly resisting temptations a lot more than the rich are. And there’s a lot of evidence that resisting temptations is simply depleting. It fatigues you. It’s hard to resist temptation. And the poor, those who experience scarcity, do that a lot.” ~Eldar is the William Stewart Tod Professor of Psychology and Public Affairs in the Department of Psychology and the Woodrow Wilson School of Public and International Affairs at Princeton University. His research focuses on decision-making, and on issues related to behavioral economics, with an emphasis on empirical studies of how people make decisions in situations of conflict and uncertainty.
Power is definitely the most significant factor controlling all of these. Is there really a way through which everybody can have the same facilities and opportunities? Humans, inherently being power hungry, would make decisions through which one supersedes the other. Dreaming of an equal world seems utopic.
the difference between the financial royalty and the rest of us is much bigger. and it's not only psychological. I'm calling them financial royalty because I'm referring to the families that have been rich for hundreds of years. resembling the traditional dynasties, these people only marry each other. back in time, the monarchs would be so inbred that in some cases they couldnt chew their own food and/or couldn't walk and/or were too retarded to rule. (they ruled us anyway :)) with todays medicine, with mind enhancing drugs and devices, with designer baby and life extension technologies it's possible that the humans will begin split into different species. (of course the natural selection needs much more time to split a species but there is nothing natural about "designer babies" or "hormone injection")
They only do when they have scarcity mindset thrusted upon them or with other types of scarcity like when it's like they're trying to diet... it's tricky to explain in just a comment.... Read his book "Scarcity". I'm almost done reading it and it is so THOROUGH. Like this dude is not messing around. Him and this other professor, Sendhil Mullainathan, wrote it and they really go all in on the topic and bring facts to the table. It's so goooooood.
You are oversimplifying a problem. If you are poor you would have to chose to invest in growing food instead of eating that week. Food doesn’t grow overnight, it also cost time. If it were that simple no one would be poor.
I was just referred to this talk through the TOM course ( Trauma of Money). Very helpful. thank you
6:10 “Temptations. When you’re poor, when you’re suitcase is very tight, things that ought to be regular, taking cabs, buying pizzas, become a temptation you might need to resist. You’re constantly resisting temptations a lot more than the rich are. And there’s a lot of evidence that resisting temptations is simply depleting. It fatigues you. It’s hard to resist temptation. And the poor, those who experience scarcity, do that a lot.”
~Eldar is the William Stewart Tod Professor of Psychology and Public Affairs in the Department of Psychology and the Woodrow Wilson School of Public and International Affairs at Princeton University. His research focuses on decision-making, and on issues related to behavioral economics, with an emphasis on empirical studies of how people make decisions in situations of conflict and uncertainty.
This was fantastic, thank you!
Great talk, thank you very much
Power is definitely the most significant factor controlling all of these. Is there really a way through which everybody can have the same facilities and opportunities?
Humans, inherently being power hungry, would make decisions through which one supersedes the other. Dreaming of an equal world seems utopic.
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the difference between the financial royalty and the rest of us is much bigger. and it's not only psychological.
I'm calling them financial royalty because I'm referring to the families that have been rich for hundreds of years. resembling the traditional dynasties, these people only marry each other. back in time, the monarchs would be so inbred that in some cases they couldnt chew their own food and/or couldn't walk and/or were too retarded to rule. (they ruled us anyway :))
with todays medicine, with mind enhancing drugs and devices, with designer baby and life extension technologies it's possible that the humans will begin split into different species. (of course the natural selection needs much more time to split a species but there is nothing natural about "designer babies" or "hormone injection")
Facts
very interesting but I wonder whether the rich feel this scarcity subjectively too
They only do when they have scarcity mindset thrusted upon them or with other types of scarcity like when it's like they're trying to diet... it's tricky to explain in just a comment.... Read his book "Scarcity". I'm almost done reading it and it is so THOROUGH. Like this dude is not messing around. Him and this other professor, Sendhil Mullainathan, wrote it and they really go all in on the topic and bring facts to the table. It's so goooooood.
Great video. The end of the world will come soon enough and we'll cannibalize one another w excuses
"The poor make bad decisions". What if, the ones who make bad decisions become poor. Just saved 13 minutes, but I will finish the video to be sure.
bro he literally gave an example of the same person making good and bad decision based on their wealth, but you probably saw that after you commented.
You could grow your own food too. Think outside the box.
You are oversimplifying a problem. If you are poor you would have to chose to invest in growing food instead of eating that week. Food doesn’t grow overnight, it also cost time. If it were that simple no one would be poor.
Uhm, have you tried growing your own food in an apartment or while being homeless? 😂 Get real.