Here’s what I don’t like about that quote: It doesn’t tell me which way the causation goes (or if it’s feedback, or a lurking variable, or a coincidence). Does being rich make you plan better? Or does planning better make you rich?
Based on a book I just read called Poor Economics by Abhijit Vinayak Banerjee and Esther Duflo, it is true that extremely poor people are much, much less able to make and follow long-term plans than rich people. They suggest it has to do with various facets of a very poor person’s life (for example, the difficulty of getting loans or even opening a savings account) and also with the “willpower depletion” aspect, because the everyday lives of the poor include so many small decisions that are made automatically by the societies that rich people live. Also, their research established that poor people, even those poor enough that they can’t afford enough food to eat, still spend money on short-term luxuries, like sugary tea.
I figured it was because it was a surprising and more-or-less unsupported statement of fact (that turned out to be, according to the only authority anyone cited, false). When I read ‘poor people are better long-term planners than rich people due to necessity’ I kind of expect the writer to back it up. I would have considered downvoting if it wasn’t already downvoted, and my preferences are much closer to socialist than libertarian.
I don’t have an explanation for the parent getting upvoted beyond a ‘planning is important’ moral and some ideological wiggle room for being a quote, so I guess it could still be hypocrisy. Of course, as of the 2011 survey LW is 32% libertarian (compared to 26% socialist and 34% liberal), so if there is ideological bias it’s of the ‘vocal minority’ kind.
“Rich people plan for three generations. Poor people plan for Saturday night.” —Gloria Steinem
The rest of her quotes are pretty good, too.
Here’s what I don’t like about that quote: It doesn’t tell me which way the causation goes (or if it’s feedback, or a lurking variable, or a coincidence). Does being rich make you plan better? Or does planning better make you rich?
More like the reverse (but this is more because poor people cannot plan for Saturday night if they don’t want to starve on Sunday).
Based on a book I just read called Poor Economics by Abhijit Vinayak Banerjee and Esther Duflo, it is true that extremely poor people are much, much less able to make and follow long-term plans than rich people. They suggest it has to do with various facets of a very poor person’s life (for example, the difficulty of getting loans or even opening a savings account) and also with the “willpower depletion” aspect, because the everyday lives of the poor include so many small decisions that are made automatically by the societies that rich people live. Also, their research established that poor people, even those poor enough that they can’t afford enough food to eat, still spend money on short-term luxuries, like sugary tea.
Good book to read. I would recommend it.
I absolutely love Poor Economics.
Seconding that and upvoting since I can’t see why this should be negative.
Because politics is the mindkiller, unless it’s libertarian politics in which case it’s just normal.
Ahh, hypocrisy and double standards then :(
I figured it was because it was a surprising and more-or-less unsupported statement of fact (that turned out to be, according to the only authority anyone cited, false). When I read ‘poor people are better long-term planners than rich people due to necessity’ I kind of expect the writer to back it up. I would have considered downvoting if it wasn’t already downvoted, and my preferences are much closer to socialist than libertarian.
I don’t have an explanation for the parent getting upvoted beyond a ‘planning is important’ moral and some ideological wiggle room for being a quote, so I guess it could still be hypocrisy. Of course, as of the 2011 survey LW is 32% libertarian (compared to 26% socialist and 34% liberal), so if there is ideological bias it’s of the ‘vocal minority’ kind.