EconTalk Michael Easter on Excess, Moderation, and the Scarcity Brain
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Oct 30, 2023 
Michael Easter, author of 'The Scarcity Brain' and 'The Comfort Crisis,' dives into the psychology behind our struggles with moderation in a world full of temptations. He unpacks how our brains, shaped by evolution, respond to scarcity and abundance, influencing our consumption habits. Discussing the addictive nature of social media and gambling, he emphasizes the need for mindful engagement. Easter also reflects on minimalism, urging the shift from mindless consumerism to meaningful choices in pursuit of true happiness and fulfillment.
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Scarcity Brain
- The scarcity brain makes us feel like we never have enough.
- Technology has amplified this effect, pushing us towards excess consumption.
Slot Machine Dominance
- Slot machines used to be unpopular due to their slow pace and infrequent wins.
- Now, they dominate casinos after a redesign made them faster with more frequent (but smaller) wins.
Losses Disguised as Wins
- Slot machine designers digitized the machines and increased the frequency of "wins."
- These are often "losses disguised as wins," where the payout is less than the bet, creating excitement without real gain.
