Mind Over Money | FULL SPECIAL | PBS America
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- Опубліковано 7 вер 2024
- After the worst financial crisis since the Great Depression, NOVA presents a penetrating exploration of why mainstream economists failed to predict the crash of 2008 and why we so often make irrational financial decisions. In the face of the recent crash, can a new science that aims to incorporate human psychology into finance-behavioral economics-help us make better financial decisions?
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There was a programme called eat well for less, on BBC I believe, that clearly (across the series) proved that the brands like Heninz baked beans or x brand of cereal/muesli (they changed products for cheaper brands at random and placed foods in containers marked "cornflakes" or "juice" but no brand) most people realised they could save hundreds by making simple changes...and often also wasted less food by cooking instead of buying processed ready meals or take away....that way they could both make an extra meal to simply take out of the freezer for another day (to get a convenient quick meal) or get a lunch box. They also significantly lowered their salt, sugar and off course additives intake. I recommend anyone to watch a few episodes.
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whilst watching this an ad came on for wotif saying relax, pay later. behavioural marketing? if there is behavioural marketing then there must be behavioural economics!
Money makes people crazy. Nothing bizarre at all.
Published in 2010
It wasn't Larry Fink who made him rich (powerful) but his computer Aladdin. Larry Fink is a highly passionate man - he probably will kill (seemingly) emotionless for -keeping thus multiplying - his money but he's driven not by logic.
It is always the intention that drives human consciousness.
At approx 3 min. When I went to uni I remember having some heated discussion about this with a friend studying economics (liberal) and me saying you can't fit human behaviour (I studied sociology and then archaeology/osteology) into models, mathematical calculations etc as we are not rational (yes we can be sometimes) but act spontaneously, driven by emotion or gut feelings, or act totally irrational. Like my other friend who was also a single mother (tho the father was sometimes helping, my daughter's father passed away). We both had to work, go to lectures, seminars, buy the literature and still put food on the table, pay rent etc. I grew up with my grandparents on a small farm, waste not want not, credit bad, save up and then buy, use or re-use/purpose everything n repair etc. She grew up in a quite a bourgeois way but (my understanding was) they sort of cut her off. We were both young mothers, teens, and only just over 20 attending uni. She would always splash cash, nothing extreme just little extras like ice creams, eating out more...not shaming her. I as a non meat eater in a world before the vegan revolution was restricted in the eating out department (so in a sense ...it's possible if the cafeteria had offered bread with hummus or vegan options I might not always have brought my own lunch or made all the baby food) and definitely the ice cream section too. We got frozen berries and made homemade icecream with a blender. Anyway we both often ran low towards payday...my solution was potato and chickpea soup or just cheap whole foods, asking a nice pair of neighbours, who never picked their apples, if I could pick some. Wonderful 1 they didn't go to waste 2 we had lovely apples, apple jam on our morning porridge and 3 got to know a nice couple. And scraping by basically. Her solution was hope, I don't blame her (but having understood the stats of the lottery I decided against it). I never got a lottery ticket in my life. She used to, and because she sometimes won enough to buy two more etc she kept going. We grew apart when I moved to another country so perhaps she did win big eventually...but I always had to lend her what I could. She always paid back. But I never understood the lottery thing. Not saying I'm perfect...I did also "waste" n suffered for it, the occasional concert etc n spent on a theatre school for my daughter. But I think she, despite us not having much, deserved it. Again not saying I was perfect ONLY the lottery when you know you have 20€ left to last (this was early 90:ies) 8-10 days....just confused me...every time. So we're definitely not rational, using logic at all times...instead we live on hope, a gut feeling, or whatever else but not calculated pure logic. I think the origin of why economics (starting up) went this way (not adjoining with humanities/human behaviour etc), towards science, maths etc is because they wanted this new field of science to be held at higher regard. But that is just my theory. Thank you as always for your great documentaries. 👏👍
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7,39 using interest rates to calculate our derived pleasure over time...omg...what nonsense. There are, probably a majority of "middle class" people using credit cards, paying only the minimum while having enough sitting in some account (with zero to insignificant interest paid on those savings) to immediately pay off their credit card debt. But somehow a lot of people think it's wise to keep those savings for some "just in case" instead of paying off their credit monthly and keeping the card for the possible unforeseen event. Makes no sense (🤯) and I don't think people stop, think, calculate and reason...if so why would they do this. Why do you think banks hate the customers who pay off their cards monthly, why do they keep offering credit to those (who in fairness really are short continuously) who are already deep in debt that they can not pay off?
Edit: that fast fashion shit you buy because somehow you think it'll brighten your day, give you something you can't really put your finger on that you're missing...to dull some inner feeling or to have a bit of fun...whatever...is a moment that quickly passes. There are mountains of (results of fast fashion brands greenwashing campaigns like H&M "bring in used clothing to recyle") often unused clothing, with price tags still on 🤯 commonly of mixed fabric, ie un-recycable piling up, leaching toxins into the soil or air, when what is not scavenged, is burned in remote areas of Peru etc. And in Indonesia all the big brands have subcontractors manufacturing their textiles, poisoning the locals drinking water with heavy metals, killing fish and whole ecosystems....all this because planned obsolescence is everywhere. From our closet to our tech...we're pushed to buy more. Not 2nd hand or repair. Our society is currently sick, our economic ideas too. We only have one planet and must respect it.
If people were actually rational about money, the world would have waay less trouble with it. I heard once that only psychopats and economists were completely rational about money.
Why is this documentary now?
Connected to contemporary situtation!
At approx 20 min...it makes no sense. There are some consumer goods like fast fashion. Cheap bc of outsourcing, cheap/child labour, pollution, impacts on nature not paid for...no proper water treatment paid for, corruption etc, and increasing poor quality, cheap plastic fabric instead of natural fibers used...non recyclable and ages and breaks. Planned obsolescence is now everywhere (starting with the light bulb I believe) from clothing to tech. Another example is meat/dairy; heavily subsided as compared to veg farmers. Just before the crisis i lived in Ireland amd my mailbox was filled with pre-approved credit cards ....read the T&C and decifering it I realised that the 0% n other things in large print did not correspond to the small print. No wonder people fell for it. A friend of mine, who bought his property 1999 n saw it rise exponentially in value was almost pushed into remortgaging for improving his garden, the value of his house (he did) but also used a chunk to travel...the crisis hit. He lost his job as head chef at an upmarket restaurant, his property fell in value and if not for all his siblings pitching in and him finding a much less paid job...he would have lost his home. There will be another crash n that is really scary especially considering the already existing conflicts, climate change, divisions over migration, division and hate growing in general and people just doubling down ...often only basing their views on limited and personalised "eco chamber" (social media need to keep us on their platforms using the algorithm to serve us what we want not what's fact) , ie the massive impact of mis/disinformation. Also the real economy is so far removed from the market...it can go well simultaneously as real world economy and average people's salaries, savings etc go down. But most don't undetstand money creation or how the private sector are the ones in control of where investments are made. For instance why affordable housing is not built etc. We need to educate people on this or we'll see an even larger (Italy, even Sweden now has far right fascist leaders) increase in scapegoating and populism. Offering simple fixes to complex issues. The idea of infinite growth on a planet with limited resources, water, fish, clean air/water, oil, other minerals mined...often leaving only destruction after having extracted a short term profit is an oxymoron. We need a circular economy and degrowth if we're to save our only planet. An immediate ban on at least (to begin with) reusable plastic is a must. I buy all my fruit, veg, legumes, spice, frutos secos (the spanish name for anything from almonds to dried apricots or figs) from local small businesses, no pesticides...you can scrape your avocado (just coming into season) all the way to the peel without any bitter flavour and yes my tomatoes sometimes show some blemishes from insect attacks and my aubergine or zucchini may be wonky...but I'm not forced to put up with the unnecessary plastic packaging and can choose exactly the amount I need, minimises waste and just pack it all in my re-usable containers. I get fresh, tasty, insecticide free and much cheaper produce this way. Only go to a supermarket if I buy processed foods such as peanut butter (without stabilizers etc), marmite (great source of B12, a bacteria we used to get in our drinking water but it is now to chlorinated) or sometimes tofu or vegan cheese (very rarely, possibly 1/month) as I'm not much into "replacement foods. Haven't eaten animals for over 40 years so it's not like I crave burgers...I do sometimes make vegan patties (mainly lentil based n spicy n add lettuce, onion, mustard, pickled cabbage etc, serving in a bun...so it's kind if like my burger, also like making falafel, hummus etc.). Normally I eat a whole food, seasonal and local diet and add plenty of nuts/seeds n my bloods are fine, no high blood pressure, no high cholesterol, inflammation markers low, no iron, calcium etc deficiency and I'm not sacrificing nothing. Because I am an animal lover and also believe we don't own our planet - it is for all of us and all future generations. So it's our duty to take care of it.
Greed is always stupid. Greed is always irrational. Period. Stop.
This must be an old documentary
yes I wondered about that. it was talking about 2005 and 2008 as though it was yesterday. That's 19 and 16 years ago now!
Sadly, economics is far from being a rigorous endeavour, let alone a science. One has to only look at the number of missteps, if not downright near-catastrophes caused by politicians or financial leaders following economic theories, to see that the predictive value of this so-called academic discipline is close to zero. It's right up there with astrology.