Scarcity

Scarcity

Why Having Too Little Means So Much

eBook - 2013
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A surprising and intriguing 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 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.

Publisher: New York : Times Books, Henry Holt and Company, 2013.
ISBN: 9781429943451
Branch Call Number: eBOOK OVERDRI
Characteristics: text file
1 online resource

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john_doh17
Apr 14, 2015

For me this was an interesting look at why and how different types of scarcity can impact people. I thought they skirted around desire being the cause of scarcity, but that is probably my own bias. The concept of slack was probably the most powerful and memorable aspect for me. If you are overloaded either by being too poor, or not having enough time it negatively impacts your performance. I am not sure you can control that, but it might be worth trying. It was not discussed in the book but maybe we should think about slack in relation to the environment. I would be curious to hear the authors thoughts about how slack might impact us in other areas besides what they looked at in their book.

JCLChrisK Jul 30, 2014

Chances are, you've experienced scarcity. Not just a moment of lack, but a lengthy, chronic situation of less time, money, caloric intake (either starvation or dieting), or human contact (i.e. loneliness) than you need. If you're like most people, when you found yourself in that situation you found yourself feeling completely wrapped up in your condition of scarcity--your thoughts dominated by your lack of time, money, food, or contact and your inability to ever get enough or break the cycle of lack.

The reason chances are good that you can relate is because these are common situations--even those who've never struggled financially are likely to have struggled with time, weight, or contact at some point--and they all share a common mindset. The authors have gathered a wealth of evidence--both their own and others'--to show that, regardless of type, there is a particular psychology to scarcity. The successful, wealthy business person who is always harried for time deals with the same thing as the minimum wage worker struggling to make ends meet, just for a different reason. A person dealing with a scarce resource in the present moment finds so much of his or her mental attention occupied by that scarcity that less brainpower is left for everything else--he or she will experience a significant drop in operational intelligence and impulse control, and will experience a self-perpetuating dynamic that creates a scarcity trap (as the large, middle section of the book is titled, "Scarcity Creates Scarcity").

This is not to say that scarcity is determinant and people have no ability to alter their situations, but it is a very important acknowledgment that scarcity makes things more difficult. This is a psychological reality that effects everyone--some people may have more willpower than others, but everyone experiences a drop in their willpower when in a state of scarcity, not in comparison to others, but in comparison to their own capacities when not dealing with scarcity. Study after study, across numerous fields, indicates it is so, the drop in willpower, operational intelligence, and helpful reactions. Scarcity, whatever its source, makes things harder for you, whoever you are. You still have the power to change your situation, but doing so will be a bigger challenge for you than for those who have no scarcity.

The simple awareness and acknowledgment of this fact as a reality is hugely important, and I believe the book matters immensely simply for that. In addition, the third, final section offers strategies for countering the ways scarcity impacts us, both personal ideas for individuals and policy ideas for companies and government programs. The authors admit at the end of their introduction that they are exploring new territory and offer the book as a launching pad not a conclusion, so there is ample room for more discovery, reflection, and reaction; nevertheless, I find this a highly valuable book.

ser_library Mar 16, 2014

fascinating, applicable and somewhat commonsensical (ie short and frequent deadlines). a bit repetitive, but the anecdotes are excellent. the recommendations for payday loan companies should be adopted. a good read.

ksoles Nov 24, 2013

In "Scarcity," economist Mullainathan and psychologist Shafir engagingly approach the pressing problem of poverty. They examine different forms of scarcity: financial, social, temporal and nutritional, reporting on psychological research and case studies to develop their thesis that one can approach scarcity from a cognitive standpoint.

The authors' continuous discussion of the economics of scarcity eventually grows repetitive and tedious; explanations of terms like "tunnelling," confined focus that excludes broader considerations, and "bandwidth tax," where poverty taxes the mind so as to reduce intelligence and control, weigh down the narrative. Nevertheless, the authors stress that their approach to scarcity differs from that of economists. And when they do depart from the school of economics, their writing intrigues. They examine the mechanics of payday loans and show how market vendors in India finance inventory. They discuss how habits of thought constrain choice and argue that managing plenty matters as much as managing scarcity since scarcity often begins with abundance. Indeed, "the crunch just before a deadline often originates with ample time used ineffectively in the weeks preceding it."

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