Ologies with Alie Ward Economic Sociology Pt. 2 (MONEY/FREAKONOMICS) with Steven Levitt and Anna Gifty Opoku-Agyeman
Feb 2, 2021
Steven Levitt, a prominent economist and co-author of "Freakonomics," joins rising star Anna Gifty Opoku-Agyeman, a Harvard Fellow focused on economic inequality. They dive into the GameStop phenomenon and discuss innovative ideas like Universal Basic Income. The duo also tackles the complexities of childhood financial education, including allowances, while contemplating the balance between environmental preservation and exploitation of the Amazon rainforest. With humor and insight, they make economics engaging and relatable for everyone.
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Levitt's Stinginess
- Steven Levitt was extremely stingy in his youth, prioritizing gum over candy for its longevity.
- He later adopted a rule to not overthink purchases under $5, increasing this threshold with his income.
$5 Rule
- Try setting a spending threshold for small purchases to avoid decision fatigue.
- Increase this threshold as your income grows to simplify spending decisions.
Environmentalism's Flaw
- Environmental messages often fail because they rely on people acting against their self-interest.
- People rarely solve important problems solely through altruism; personal incentives usually prevail.