Dr. Daniel Crosby - Do Hard Things
This year on Standard Deviations, we are going to try something a little different. We will be running the episodes weekly now, there will be no guests, each episode will disappear a week after it publishes and we are really going to focus on meaning this season. In this episode, Dr. Daniel Crosby looks at the relationship between hard work and value and why the importance of effort is often overlooked in classical economics. We also take a look at why being wired for comfort and energy conservation can be a slippery slope in a world where those things are easier and easier to achieve. Educated at Brigham Young and Emory Universities, Dr. Daniel Crosby is a psychologist and behavioral finance expert who helps organizations understand the intersection of mind and markets. Dr. Crosby's first book, Personal Benchmark: Integrating Behavioral Finance and Investment Management, was a New York Times bestseller. His second book, The Laws of Wealth, was named the best investment book of 2017 by the Axiom Business Book Awards and has been translated into Japanese, Chinese, Vietnamese and German. His latest work, The Behavioral Investor, is an in-depth look at how sociology, psychology and neurology all impact investment decision-making. Daniel was named one of the “12 Thinkers to Watch” by Monster.com, a “Financial Blogger You Should Be Reading” by AARP and a member of InvestmentNews prestigious "40 Under 40". When he is not consulting around market psychology, Daniel enjoys independent films, fanatically following St. Louis Cardinals baseball, and spending time with his wife and three children.
Tune in to hear:
What is “The Betty Crocker Effect” and what psychological principle explains this phenomenon? What does this say about the perceived relationship between effort and value?
Why is effort generally thought of as a cost in classical economics and why does this way of thinking about it often get it wrong?
Thomas Payne stated “that which we obtain too easily, we esteem too lightly.” How does this play out in the case of money that is inherited, or won, versus money that was worked for?
Do animals also show a preference for rewards they worked for versus those they were just given?
Why are we so wired for laziness, and conserving energy, even though we derive so much pleasure from hard work?
Why is our proclivity for energy conservation particularly dangerous in contemporary life?
Links
Connect with Us
Compliance Code: 2511-U-25260