Video ID: OfbRrh9nlYg
YouTube URL: https://www.youtube.com/watch?v=OfbRrh9nlYg
Added At: 13-06-25 21:16:34
Processed: No
Sentiment: Error
Categories: Economics, Travel
Tags: travel, economy, america, experiences
Summary
Analysis error: Missing required field: categories
Transcript
that's one of the reasons I think Americans by the way should have more vacation time because Americans have quite a large non-working population but it's all people at the beginning of Life and at the end of life one of the things I would argue is that if Americans spent more money on experiences would the actual American economy benefit in other words it's better off having people working in a New Orleans Cafe than it is importing a Chinese device that you know I don't know robotically cleans your cappuccino machine or something okay you got to be very careful about dividing what is a good and what is an experience because if you buy a guitar and then spend a lot of time playing the guitar it's both it's both two economists prices a number but to Consumers prices are feeling so there's a wonderful piece of research by George Lowenstein we all acknowledge in economics so there are people who spend too much in other words they get into debt they're extravagant they live for the moment they kind of have shorttime Horizons optimized for the moment but George Lowenstein also made the point that correspondingly you would expect there to be people who are not spent through he called them skin flints who actually find the act of spending money so painful just the act of parting with money the very transaction itself is so painful they spend far too little roughly speaking about 40 to 50% of the population get it roughly right actually skinflints outnumber spend thrifts if I remember his data one of his points is that he you know he's a very big believer in buying experiences rather than stuff