Why Is It So Hard to Get People to Shut Up and Listen? |
Behavioral economics applies economic modeling to resources other than money. Economic modeling is a way of tracking and predicting changes in the distribution of anything we value—the give and take, ebbs and flows, supplies and demands, cooperations and competitions over any limited resource that people desire.
For example, attention. People want it. There’s a limited supply. “Attentionomics” is big business these days, tracking the supply of and demand for attention.
Why do we want attention? Large corporations want it because it makes money. People will pay to get attention.
But why will we pay? Why do we value attention? Lots of reasons, but one I track closely points to another resource modeled in behavioral economics, a core resource that all humans appear to need: self-confidence.
Call it “mojonomics,” the study of the supply of and demand for self-confidence.
Why do we share on social media? Why do we care who loves us? More generally, why do our spirits go up and down? What is this elephant in the room that can elevate or diminish us? A good bet is that it’s this natural, universal human need for self-confidence. When we have it, we feel good. When we have lots of it, we feel better. When we lack it, we feel bad. When our self-confidence vaporizes, it’s downright excruciating.
When seeking self-confidence, we call it prettier names—our need for love, connection, respect, meaning, or empathy. When we’re embarrassed about wanting it, or........