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Hidden Brain

Episode 69: Money Talks

Hidden Brain

Hidden Brain Media

Science, Social Sciences, Performing Arts, Arts

4.642.6K Ratings

🗓️ 25 April 2017

⏱️ 23 minutes

🧾️ Download transcript

Summary

How do you spend your money? On food, transportation, or housing? On shoes, cars, coffee, fancy restaurants? You might think you use money just to, you know, buy stuff. But as Neeru Paharia explains, the way we spend often says a lot about who we are, and what we want to project. We use money to express our values — by going to the local coffee shop instead of Starbucks, or by boycotting — or buycotting — Ivanka Trump shoes. We delete Uber; we refuse to fly United. We seek out or avoid Chick-fil-A. This week on Hidden Brain, the ways we use our money to tell stories about ourselves, and to ourselves.

Transcript

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0:00.0

This is Hidden Brain, I'm Shankar Vedantam.

0:02.6

Americans have long expressed their political views with their wallets.

0:06.9

In recent months, this has ramped up with boycotts and with buycotts.

0:11.6

That's where people express support by buying a company's products.

0:15.3

For months now, Nordstrom has been on a list of Trump-affiliated companies to boycott.

0:19.7

This is just, it's a wonderful line, I own some of it.

0:22.1

I fully, I'm going to just give it, I'm going to give a free commercial here, go buy it today, everybody.

0:26.0

I deleted Uber recently due to what happened at JFK Airport when it appeared that Uber

0:32.1

was essentially trying to break the strides.

0:34.2

Fueled the outrage and led to some people to call for a boycott of the airline.

0:39.1

It seems like people are a little fed up and disillusioned with sort of conventional political

0:44.5

channels where they would normally sort of express their political views.

0:48.9

And so in the absence of that legitimacy, there's been sort of a rise in political consumerism.

0:55.7

When E.R. Paharia is a marketing professor at Georgetown University, she studies how consumer

1:00.6

behavior often serves psychological needs rather than economic needs.

1:06.4

When we think about the way we spend money, we may think about the comfort of a nice pair

1:09.8

of shoes or the pleasure of a great meal.

1:12.9

But money also serves a deeper purpose.

1:15.6

We use money to express our feelings, to project our status, to defend our values.

1:20.8

The products we buy tell stories, stories that we tell others, stories,

1:25.6

that we tell ourselves.

1:27.6

For a small coffee shop, people don't really think much of the political situation.

...

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