Psychology Reaction Paper(Editing)

Yuan 1

 

Yuan 2

 

 

Jialu Yuan

Psyc100

J. SILKS

October 24, 2018

Psychology reaction paper

I was reading and listening to audio on “Too little too much: How poverty and wealth affect our minds, I am fascinated by the way the writer states that if a human being is missing something, then the mind starts to focus on the missing thing (Kramer, 2017). This is absolutely true, by the fact that the poor think of nothing else but how they will move from poverty to the rich side; the rich on the other hand is obsessed of having everything they could ever have.

Sometime back I was reading Forbes magazine, and I realized that even the filthy compete and feel jealous of each other when they have what the other doesn’t have. The two psychology researchers realized that this is not only to the poor and but to also the when one is feeling hungry the brain functions less on anything else and starts to think only on the food aspect; this is also explained by the fact that when you are bored you only think of making friends and many more aspects that the brain thinks about every day. This paper looks at a certain psychological phenomenon called scarcity which controls the brain to think of something that is missing; scarcity is a branch of social psychology (Mittome, 2009).

Brook Harrington one of the psychologists goes further to look see how it feels like to be the richest man in the world; I love his initiative and want to know what goes on in the mind of such type of a man/ woman. He started by interviewing other wealth manager and the way they behave as well as started putting himself in the shoes of a wealth manager for years to realize how much it feels to be a wealthy and rich (Kramer, 2017).

I was fascinated by the fact that he found out that one psychological trait of a wealthy man is they do not believe in money avoidance, and this was strange because at least everyone believes that money is a corrupting influence ad if there were no money then a lot of evil activities would have been avoided. I realized that he meant that rich people believe that they do not in any way take advantage of other in order to acquire the riches that they currently have (Mittome, 2009).

This is completely absurd of them taking into consideration that most 3rd world has such kind of people (Kramer, 2017). Research has shown that 62% of the filthy rich people did not get their means through valid means and at one point they took advantage of the people who were their worker, employees or subordinates.

In his opinion, on the aspect that they tend to be motivated by money and passion was completely agreeable to me; this is because one can never be rich on this earth if his or her main motivation isn’t money. They always want more for themselves which then makes them richer and richer every day; passion, on the other hand, comes by the fact that they want to be wealthy each day hence making them even re richer.

On the other hand looking at social psychology, we find that it works more of the same like economics; this is because humans have a tendency of placing a high value on something that is scarce. Just as I said earlier when you do t have something your mind focuses all its attention on thinking on how to get it (Mittome, 2009).

I would explain that people think of gold than the way they think of rocks because gold is scarce than rocks; people may argue that the color and the way it looks may be the reason, but I truly believe that it’s because of the scarcity of the rock, and that’s the reason why it is the most precious thing to have. In other words, it’s called the scarcity heuristic which is a mental shortcut that places the high value on something on how likely it may be found or may even be lost.

I believe that Scarcity heuristic is just a word that tells us that the more difficult something is to get the more value that item has (Mittome, 2009).In our daily lives, we always use the availability and abundance of an item to determine whether quality and price but that can lead to cognitive biases which may lead to systematic errors.

According to the two psychologists, there are two principles that govern the aspect of the psychology of scarcity which is social proof and commitment. This to me is right because social proof is the contributing factor to the effectiveness of the scarcity; this is because the moment something becomes low on the market or difficult to get then the human mind interprets it as being good. Commitment can be interpreted by the fact that if someone has tried to have something for a long time and yet he or she does not get it then it makes him, or she want it more.

 

 

 

 

 

 

References

Kramer, M. H. (2017). Too Much from Too Little. Oxford Scholarship Online. doi:10.1093/oso/9780198777960.003.0004

Mittone, Luigi; Savadori, Lucia (2009). “The Scarcity Bias”. Applied Psychology. 58 (3): 453– 468. doi : 10.1111/j.1464-0597.2009.00401.x