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Why do the poor make such poor decisions?
- PaulHoule 8y agoBeing an underdog leads to low serotonin levels (eg. depression) which in turn leads to impulsive behavior. Also much of the behavior of poor and middle-class people that seems "poor" might well be correct given the circumstances. For instance, it seems the field of "behavioral economics" was invented to "nudge" people into putting money into 401k(s). It's clear that this a policy that makes Wall Street rich, but it is self-defeating when it transfers power from Main Street to Wall Street and makes you lose your job and then have no money to put in a 401k. Also, it seems that Wall Street doesn't allow most companies (such as telecoms) to invest for the future... However, money in the future is only worth as much as there is productive capability in the future, thus disinvestment in broadband infrastructure and in companies based in 49 states (eg. NYC and the bay area count as 1/2 a state each) means that the $1 million somebody has in a 401k 30 years from now will pay for one ride in an automated taxi. Spend the money now and you know you get something for yourself and you give somebody else a job now...