A body of evidence suggests that buying experiences makes us happy – but economist Tim Harford blogs that perhaps “causation is backwards” and happy people are more likely to buy experiences rather than goods in the first place. He cites a 2011 study – published on Psychology Today – that created a “experiential buying tendency scale” to try to measure people’s desire to buy experiences (or buy goods). Apparently people who buy experiences (such as tickets to concerts or a trip abroad) “already emotionally appreciate the world” and the more experiences they bought, the happier they tended to be.
Just like the rest of us
The super-rich make the same mistakes as everyone else when it comes to managing money, according to Business Week. It gives the example of putting money into the “latest faddish investment”, even when the market has peaked. It cites research co-authored by Enrichetta Ravina, an economist at Columbia Business School, who also talks about the topic on YouTube.
Inadequate sleep and GDP
The New York Times writes that the economic consequence of inadequate sleep are so large it could even influence the gross domestic product (GDP) of a country. It references a study carried out in Australia that examined the cost of accidents and other productivity losses related to insomnia and other sleep disorders. The study calculated the direct and indirect costs of sleeping disorders in Australia were equivalent to 0.8% of its GDP.