From what I've read, there is a lot of truth to what he says. Its not that poor people are dumb, but that the short term spending that everyone does has a much

From what I've read, there is a lot of truth to what he says. Its not that poor people are dumb, but that the short term spending that everyone does has a much bigger effect on them (as its a much bigger proportion of their income). Caveat: The paper I'm thinking of was referring to incredibly poor people in India, so it might not necessarily carry over to all contexts.