Chapter 6 - The Scarcity Trap from the book Scarcity by Sendhil Mullanathan and Eldar Shafir. We get ourselves into a scarcity trap when tunneling leads us to borrow, placing us one step behind. Because we tunnel, we neglect things and find ourselves needing to juggle. The trap becomes complicated between juggling and staying behind. What we need to do is make a plan, but we need to step back to do so. And even with a plan its hard to resist temptation. There is also lack of slack (enough time/money/calories) to absorb shocks and emergencies. We also fail to use moments of abundance to created future buffers. It takes enough slack to get out of the trap. Another function of scarcity is choking or overfocus on what is scarce. Too much attention to whatever is scarce - friends, calories, worsens our performance. Scarcity grabs the attention and turns it into a hindrance.
Posted on: Tue, 11 Mar 2014 14:18:48 +0000
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