Here’s the thing: People from different generations, raised by different parents who made different salaries and held different values, in different parts of the world, born into different economies, and exposed to various job markets with various incentives and degrees of luck, learn very different lessons. I am not personally familiar with the Depression.
At the time, my family’s fortune was one of the largest in the entire globe. We travelled more, lived in larger homes, and had more servants. The only thing I really witnessed firsthand was when my father added a few additional gardeners so they would have a job and enough to eat. Prior to reading about it at Harvard, I had little knowledge of the Great Depression.
If we had a magic wand, we would be able to determine precisely what percentage of these events were brought on by repeatable behaviours, as opposed to the influence of chance and risk that influenced those activities. But we don’t have a magic wand. Our brains are wired to favour simple solutions over nuanced ones.
PDF Name: The Psychology of Money PDF
No. of Pages: 242
PDF Size: 3 MB