Scarcity

Scarcity

Scarcity is one of the things that as people we will always encounter in living life. It is something that we cannot substitute or hide from. You are not exempt from scarcity no matter if you are rich or poor, we all experience scarcity in our lives. We face scarcity so often we don’t even realize it. Ever been in a financially tight situation due to a splurge or bad financial mistake, or how about a tight schedule were you overbook a day with meetings and errands and their just isn’t enough time in the day to get things done? Those are examples of scarcity that we come to face. Our wants of money and time sometimes cannot be met.

Time is a limited factor in our lives. It is the only thing in life we cannot buy or ever get back. Time is unique in the sense it cannot be extended but time can be cut short. Money is a limited source for some and for others it seems to be never ending. But with money unlike time we find ourselves always wanting something or needing something that involves money. Our minds are never satisfied with the principle of money.

With time and money being at the heart of what is called “the scarcity trap” one must be careful. And in the case of Harvard economist Mullinathan he made it a habit to just say he would update his inspection sticker tomorrow rather then making it a priority. He got so caught up with his time he found it easier to just say he would tend to it tomorrow, even when the sticker would cause him a hassle.

I know that in my life money is scarce in the sense I always catch myself wanting more then I have even when I have a limited source of money. Whether it be a phone or just a new shirt I sometimes splurge and make the excuse of saying “I can’t die with this money anyway.” I come to realize that isn’t a great excuse and have changed my ways to set myself up for a brighter future. And time I can never get enough of with being an Active Duty member in the Navy and then going to school I always seemed...