In the blockbuster tradition of Freakonomics, a Harvard economist and a Princeton psychology professor team up to offer a surprising and empowering new way to look at everyday life, presenting a paradigm-challenging examination of how scarcity - and our flawed responses to it - shapes our lives, our society, and our culture.
Why do successful people get things done at the last minute? Why does poverty persist? Why do organizations get stuck firefighting? Why do the lonely find it hard to make friends? These questions seem unconnected, yet Sendhil Mullainathan and Eldar Shafir show that they are all are examples of a mindset produced by scarcity.
Drawing on cutting-edge research from behavioral science and economics, Mullainathan and Shafir show that scarcity creates a similar psychology for everyone struggling to manage with less than they need. Busy people fail to manage their time efficiently for the same reasons the poor and those maxed out on credit cards fail to manage their money. The dynamics of scarcity reveal why dieters find it hard to resist temptation, why students and busy executives mismanage their time, and why sugarcane farmers are smarter after harvest than before.
Once we start thinking in terms of scarcity and the strategies it imposes, the problems of modern life come into sharper focus.
©2013 Ellen Hopkins (P)2013 Simon & Schuster
I think this is a valuable book for anyone to read.
It explores the idea of having a "peace of mind" from a economics/psychological point of view and how this is neglected in traditional economics despite of the huge implications it has on your life and perhaps society as a whole.
The author describes different situations and fields in which this concept is applicable making it easy to relate for anyone.
Sometimes the book felt repetitive but finishing it I could see how valuable it is to get a firm grasp of the concept and understand how widely it is applicable both on a personal level and on the macro scale of economics and the implications this might have.
This book is very informative and holds useful information for everyone, literally. From the rich to the poor, highly educated to the uneducated, the information in this tool should be in every home, degree program, social service provider and boardroom.
writer, educator, blogger, Open Space Facilitator, performer,
I loved Robert Petkoff's narration, but more than that the content of this book gave me a new model to apply to many things. I've been exploring it in my blog, in my journal, and in my life, and I found their humility engaging as they explored this "new" idea of scarcity. Highly recommended.
Important ideas put forward in an understandable manner
No. But both me and my future wife got ideas for our life and our research (we are social scientists)
This was an enlightening book. My only complaint is that the authors suggested the most interesting question at the very end of the book. I hope they are researching a second book now.
The combination of scholarship with anecdote makes for a work which is entertaining as well as informative.The construct of scarcity is an emergent from the collaboration of two smart minds in the developing field of behavioral economics. It matters. This is one I will likely share with my students and my family
Awesome all around. Provides a lot of motivating insight into the blunders we all make in daily life. I'm emptying my checking account and investing it all right away, not going to tunnel any more.
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