Hi there! It's remarkable how swiftly two months of 2023 have passed. I am bewildered by how fast time has passed. Today, I aim to discuss the impact of our choices and the degree of control we wield over them. However, before delving into that topic...

Weekly Inventory Check:

As the month draws to a close, it's time to conduct a monthly review. Take this upcoming weekend or the following week to reflect on your achievements thus far in February 2023. This recommendation only applies if you set specific goals at the start of the month. If you did not set any goals, then take the time to ponder where you spent most of your time and whether you are content with those outcomes.

Nudging and Freedom of Choice

Each of us is culpable for manipulating our choices to achieve our objectives. For instance, placing our running shoes beside the bed to facilitate a prompt morning jog or refraining from stocking snacks in the kitchen to avoid deviating from a dietary regimen. We realize that the most significant impediment to achieving our goals is often our own selves. Hence, if we take a broader view, could we not argue that the most substantial obstacle to a healthier and more contented society might be society itself?

It is generally acceptable to manipulate our choices when we do so willingly and knowingly. But what if we apply this principle to a societal level? To a certain extent, we already do this through the creation of certain laws and taxes that we have established to be acceptable. "Libertarian Paternalism" is a concept that involves the government influencing public choices while still respecting individual preferences. This approach doesn't necessarily entail an outright ban on specific products but rather manipulates taxes on items that society should consume, like sustainable produce, and increases taxes on products that they should avoid, such as sugary foods and meat (from a climate change perspective). The concept aims to provide access and choice to individuals to pursue what they want, but it's easier to choose the other route without compromising freedom. In this age of individualism, this governance approach is a fascinating idea to contemplate.

Do you agree or disagree? Shoot me an email. Would love to hear your thoughts!

Want More?

Nicholas Gane explores the concepts of Nudge Economics and Libertarian Paternalism in his research paper.

For those seeking to learn more about nudging, a brief but informative introduction can be found in this video.

Bill Gold presents compelling arguments both for and against Libertarian Paternalism, and I would recommend giving it a listen. It's always valuable to hear both sides of the coin.

Read of the Week

In my opinion, the best book to gain an understanding of nudging is from the person who initially coined the term. Richard Thaylor's book, "Nudge: Improving Decisions about Health, Wealth, and Happiness," is an excellent resource to start with if you're interested in applying nudging techniques to improve your life. It's a valuable tool to add to your toolbox of self-development.

Thoughts to Leave you With

The world has become so fast paced that we often act without consciousness. It's perfectly acceptable to delegate some of this decision-making to others. It would be great to rely on an institution that could do this for us while also respecting our freedom, as everyone has a limited bandwidth, and there's only so much time and effort one can invest. If we could free up some bandwidth by offloading some effort by changing our environment or delegating decision-making to others, it could be a win-win situation (with a caveat, of course).