Modern Wisdom #651 - Dr Mike Israetel - Can Money Actually Buy You Happiness?
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Jul 8, 2023 
Mike Israetel, a fitness consultant and Temple University professor, shares insights on the nuanced relationship between money and happiness. He discusses the unrealistic pessimistic views people tend to hold and how optimism can enhance well-being. The conversation challenges myths around wage stagnation and the societal roots of cynicism. Mike also humorously explores how attitudes toward work impact satisfaction, critiques effective altruism, and offers fresh perspectives on pornography. Plus, he dives into the future of AI and its implications for society.
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Pessimistic Fallacy
- The pessimistic fallacy is a cognitive bias where people overestimate negative outcomes.
- People wrongly think things were better in the past and predict a worse future.
Wage Stagnation Myth
- The "wage stagnation" myth is often cited, claiming wages haven't risen since the 1970s.
- This ignores increased total compensation and compares easier modern jobs to harder past jobs.
Inflation and Time Price
- Inflation and cost of living concerns exist, but time-price of goods decreases, meaning an hour of work buys more.
- Quality improvements, often ignored, outweigh inflation, except in government-regulated sectors like housing.
