I just barely skimmed this. I think it’s a good explanation for why poor people are poor, not why rich people are rich (in the modern world, in rich countries). I think this is supported by research, although I wasn’t able to track down the sources I heard about… some researchers looked at how poor people manage their finances and found that they were often behaving “rationally” (as much as richer people are) when taking loans with pretty extreme interest rates, for instance.
I just barely skimmed this. I think it’s a good explanation for why poor people are poor, not why rich people are rich (in the modern world, in rich countries). I think this is supported by research, although I wasn’t able to track down the sources I heard about… some researchers looked at how poor people manage their finances and found that they were often behaving “rationally” (as much as richer people are) when taking loans with pretty extreme interest rates, for instance.