• Complain

Sendhil Mullainathan - Scarcity: Why Having Too Little Means So Much

Here you can read online Sendhil Mullainathan - Scarcity: Why Having Too Little Means So Much full text of the book (entire story) in english for free. Download pdf and epub, get meaning, cover and reviews about this ebook. year: 2013, publisher: Times Books, genre: Religion. Description of the work, (preface) as well as reviews are available. Best literature library LitArk.com created for fans of good reading and offers a wide selection of genres:

Romance novel Science fiction Adventure Detective Science History Home and family Prose Art Politics Computer Non-fiction Religion Business Children Humor

Choose a favorite category and find really read worthwhile books. Enjoy immersion in the world of imagination, feel the emotions of the characters or learn something new for yourself, make an fascinating discovery.

No cover

Scarcity: Why Having Too Little Means So Much: summary, description and annotation

We offer to read an annotation, description, summary or preface (depends on what the author of the book "Scarcity: Why Having Too Little Means So Much" wrote himself). If you haven't found the necessary information about the book — write in the comments, we will try to find it.

A surprising and intriguing examination of how scarcityand our flawed responses to itshapes 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 examples of a mind-set 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.

Mullainathan and Shafir discuss how scarcity affects our daily lives, recounting anecdotes of their own foibles and making surprising connections that bring this research alive. Their book provides a new way of understanding why the poor stay poor and the busy stay busy, and it reveals not only how scarcity leads us astray but also how individuals and organizations can better manage scarcity for greater satisfaction and success.

Sendhil Mullainathan: author's other books


Who wrote Scarcity: Why Having Too Little Means So Much? Find out the surname, the name of the author of the book and a list of all author's works by series.

Scarcity: Why Having Too Little Means So Much — read online for free the complete book (whole text) full work

Below is the text of the book, divided by pages. System saving the place of the last page read, allows you to conveniently read the book "Scarcity: Why Having Too Little Means So Much" online for free, without having to search again every time where you left off. Put a bookmark, and you can go to the page where you finished reading at any time.

Light

Font size:

Reset

Interval:

Bookmark:

Make
For Amma Appa and e3 for and with unconditional love SM For Anastasia - photo 1

For Amma Appa and e3 for and with unconditional love SM For Anastasia - photo 2

For Amma, Appa, and e3, for and with unconditional love

SM

For Anastasia, Sophie, and Mialoves of my life

ES

CONTENTS

INTRODUCTION

If ants are such busy workers, how come they find time to go to all the picnics?

MARIE DRESSLER, ACADEMY AWARDWINNING ACTRESS

We wrote this book because we were too busy not to.

Sendhil was grumbling to Eldar. He had more to-dos than time to do them in. Deadlines had matured from overdue to alarmingly late. Meetings had been sheepishly rescheduled. His in-box was swelling with messages that needed his attention. He could picture his mothers hurt face at not getting even an occasional call. His car registration had expired. And things were getting worse. That conference one connecting flight away seemed like a good idea six months ago. Not so much now. Falling behind had turned into a vicious cycle. Re-registering the car was now one more thing to do. A project had taken a wrong direction because of a tardy e-mail response; getting it back on track meant yet more work. The past-due pile of life was growing dangerously close to toppling.

The irony of spending time lamenting the lack of time was not lost on Eldar. It was only partly lost on Sendhil who, undeterred, described his plan for getting out.

He would first stem the tide. Old obligations would need to be fulfilled, but new ones could be avoided. He would say no to every new request. He would prevent further delays on old projects by working meticulously to finish them. Eventually, this austerity would pay off. The to-do pile would shrink to a manageable level. Only then would he even think about new projects. And of course he would be more prudent going forward. Yes would be rare and uttered only after careful scrutiny. It would not be easy, but it was necessary.

Having made the plan felt good. Of course it did. As Voltaire noted long ago, Illusion is the first of all pleasures.

A week later, another call from Sendhil: Two colleagues were putting together a book on the lives of low-income Americans. This is a great opportunity. We should write a chapter, he said. His voice, Eldar recalls, lacked even a trace of irony.

Predictably, the chapter was too good to pass up, and we agreed to do it. Just as predictably, it was a mistake, written in a rush and behind schedule. Unpredictably, it was a worthwhile mistake, creating an unexpected connection that eventually led to this book.

Here is an excerpt from our background notes for that chapter:

Shawn, an office manager in Cleveland, was struggling to make ends meet. He was late on a bunch of bills. His credit cards were maxed out. His paycheck ran out quickly. As he said, There is always more month than money. The other day, he accidentally bounced a check after overestimating the money in his account; he had forgotten a $22 purchase. Every phone call made him tense: another creditor calling to remind him? Being out of money was also affecting his personal life. Sometimes at dinner he would put in less than his fair share because he was short. His friends understood, but it didnt feel good.

And there was no end in sight. He had bought a Blu-ray player on credit, with no payments for the first six months. That was five months ago. How would he pay this extra bill next month? Already, more and more money went to paying off old debts. The bounced check had a hefty overdraft charge. The late bills meant late fees. His finances were a mess. He was in the deep end of the debt pool and barely staying afloat.

Shawn, like many people in his situation, got financial advice from many sources, all of it pretty similar:

Dont sink any deeper. Stop borrowing. Cut your spending to the minimum. Some expenses may be tough to cut, but youll have to learn how. Pay off your old debts as quickly as possible. Eventually, with no new debts, your payments will become manageable. After this, remain vigilant so as not to fall back in. Spend and borrow wisely. Avoid unaffordable luxuries. If you must borrow, be clear about what it takes to pay it back.

This advice worked better in theory than in practice for Shawn. Resisting temptation is hard. Resisting all temptations was even harder. A leather jacket he had coveted went on sale at a great price. Skimping on his daughters birthday gift felt less sensible as the day got closer. There were too many ways to spend more than he planned. Shawn eventually sank back into the debt pool.

It did not take long for us to notice the resemblance between Sendhils and Shawns behavior. Missed deadlines are a lot like overdue bills. Double-booked meetings (committing time you do not have) are a lot like bounced checks (spending money you do not have). The busier you are, the greater the need to say no. The more indebted you are, the greater the need to not buy. Plans to escape sound reasonable but prove hard to implement. They require constant vigilanceabout what to buy or what to agree to do. When vigilance flagsthe slightest temptation in time or in moneyyou sink deeper. Shawn ended up stuck with accumulating debt. Sendhil ended up stuck under mounting commitments.

This resemblance is striking because the circumstances are so different. We normally think of time management and money management as distinct problems. The consequences of failing are different: bad time management leads to embarrassment or poor job performance; bad money management leads to fees or eviction. The cultural contexts are different: falling behind and missing a deadline means one thing to a busy professional; falling behind and missing a debt payment means something else to an urban low-wage worker. The surroundings differ. The education levels differ. Even aspirations can differ. Yet despite these differences, the end behavior is remarkably similar.

Sendhil and Shawn did have one thing in common: each of them was feeling the effects of scarcity. By scarcity, we mean having less than you feel you need . Sendhil felt harried; he felt he had too little time to do all the things he needed to do. Shawn felt cash strapped, with too little money for all the bills he needed to pay. Could this common connection explain their behavior? Could it be that scarcity itself led Sendhil and Shawn to behave in such similar ways?

Uncovering a common logic to scarcity would have big implications. Scarcity is a broad concept that extends well beyond these personal anecdotes. The problem of unemployment, for example, is also the problem of financial scarcity. The loss of a job makes a households budget suddenly tighttoo little income to cover the mortgage, car payments, and day-to-day expenses. The problem of increasing social isolationbowling aloneis a form of social scarcity, of people having too few social bonds. The problem of obesity is also, perhaps counterintuitively, a problem of scarcity. Sticking to a diet requires coping with the challenge of having less to eat than you feel accustomed toa tight calorie budget or calorie scarcity. The problem of global povertythe tragedy of multitudes of people around the world making do with a dollar or two a dayis another kind of financial scarcity. Unlike the sudden and possibly fleeting tightening of ones budget due to job loss, poverty means a perpetually tight budget.

Scarcity connects more than just Sendhils and Shawns problems: it forms a common chord across so many of societys problems. These problems occur in different cultures, economic conditions, and political systems, but they all feature scarcity. Could there be a common logic to scarcity, one that operates across these diverse backdrops?

Next page
Light

Font size:

Reset

Interval:

Bookmark:

Make

Similar books «Scarcity: Why Having Too Little Means So Much»

Look at similar books to Scarcity: Why Having Too Little Means So Much. We have selected literature similar in name and meaning in the hope of providing readers with more options to find new, interesting, not yet read works.


Reviews about «Scarcity: Why Having Too Little Means So Much»

Discussion, reviews of the book Scarcity: Why Having Too Little Means So Much and just readers' own opinions. Leave your comments, write what you think about the work, its meaning or the main characters. Specify what exactly you liked and what you didn't like, and why you think so.