SCARCITY- Mullainathan, Sendhil

Book can be found here (an amazon associates link)  https://amzn.to/2qGTnKc (this is an Amazon associate link which earns commission to keep things going) summary and notes below:

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.

#People who were starved eliminated the interest for intellectual problems as a study found “They dreamed of new careers as restaurant owners. … They lost their will for academic problems and became far more interested in cookbooks”

# Whatever we lack we are primed to see more of

# Scarcity of attention/time whatever is what leads to bad decisions, delay decisions for later in order to not make mistakes right now! important

# Little noise distracts, one side of a school exposed to railway noise was a full year behind the other side of the school that wasn’t

# Much like the more distraction the less brain power you can give your all to something that needs your attention

# Never allow your mind to be captured by scarcity of any kind- otherwise you’ll be mentally enslaved ! poor people have great capacity to think but their poor financial situation prevents them from thinking correctly (Scarcity)

# “A man is rich in proportion to the number of things he can afford to leave alone.”

# Focus on tasks that are important and urgent- Create the urgent by developing a hypothetical deadline also

 

Leave a Reply

Your email address will not be published. Required fields are marked *