How Scarcity Influences What You Buy & How Social Media Clouds Your Perception

Something You Should Know

Mike Carruthers | OmniCastMedia

Science, Social Sciences, Self-improvement, Education, Health & Fitness

4.6 • 4K Ratings

🗓️ 28 November 2022

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Your doctor is supposed to wash his or her hands between patients. But sometimes doctors forget. Would you speak up if you saw that and ask your doctor to wash up? This episode begins with a look at this important problem. https://www.wsj.com/articles/why-hospitals-want-patients-to-ask-doctors-8216have-you-washed-your-hands8217-1380582268 Scarcity is powerful. It is the force that drives people to stock up on toilet paper before a storm or to buy something they might not buy because it is on sale for 2 days only. When something is hard to get it becomes more desirable. Sometimes things really are scarce but sometimes it may just be manipulation. Here to discuss how marketers use scarcity and why it works so well is Mindy Weinstein a marketing instructor at Grand Canyon University and the University of Denver, as well as a program leader for The Wharton School and Columbia Business School. Mindy is also author of the book THE POWER OF SCARCITY: Leveraging Urgency and Demand to Influence Customer Decisions (https://amzn.to/3tGrIpE) If you spend a lot of time on social media, it can become a lens through which you see the world. It takes on an importance that is a little proportion and it can become addicting. That is exactly what happened to Dr. Brian Boxer Wachler, MD and author the book Influenced: The Impact of Social Media on Our Perception. (https://amzn.to/3EnuzsM). Listen as Brian tells his personal story of social media addiction and discusses what happens in your brain each time you click “Like”. It is an important story for anyone who worries they may be spending a little too much time on social media or have kids who may be doing the same. What will happen to your pets if you die before they do? You might think you know but listen as I explain what you need to do to make sure your wishes are followed – and it is not just about putting it in your will. http://pettrustlawyer.squarespace.com/ PLEASE SUPPORT OUR SPONSORS! Now get a complimentary bottle of Nugenix Total T when you text SYSK to 231 -231. Tune in to Planet Money every week for entertaining stories and insights about how money shapes our world! Listen now to Planet Money from NPR -- wherever you get your podcasts. When you hire with Indeed you only pay for quality applications that match your must-have job requirements. Visit https://Indeed.com/SOMETHING to start hiring now! With Shopify, everything you need to customize your business to your needs is already in your hands. Sign up for a FREE trial at https://Shopify.com/sysk ! Constant Wonder is a podcast that will bring more wonder and awe to your day. Listen to Constant Wonder wherever you get your podcasts! https://www.byuradio.org/constantwonder Did you know you could reduce the number of unwanted calls & emails with Online Privacy Protection from Discover? - And it's FREE! Just activate it in the Discover App. See terms & learn more at https://Discover.com/Online Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Rakuten is proud to present Elizabeth I. The new podcast about Elizabeth Taylor is the original
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0:33.6	Today on something you should know, why you should ask your doctor to wash his hands and why you
0:40.0	probably won't. Then the power of scarcity. It's a strong and primal force that clouds our decision
0:47.4	making. And that's something that we've seen through brain scans that when faced with something
0:52.2	that's scarce. Our brains skip the normal process of decision making and just go straight to
0:58.7	decision. Running out, it's hard to get. I want that. Also, what would happen to your pet if you
1:04.9	die first? And here one doctor's incredible story of what too much social media can do to you.
1:11.7	And a lot of us are on social media way too much. The sobering statistic is at about 21% of adults
1:19.4	admit being addicted to social media. This is not really a teen situation. It's definitely more
1:26.2	pervasive than people think. All this today on something you should know.
1:33.9	What with the great resignation, inflation on the rise and a future recession on everyone's mind?
1:41.4	Money is everywhere. It's in everything. It fuels our lives. If you're a fan of something you
1:47.2	should know and you're curious to learn something new and exciting about money every week,
1:52.3	I recommend you listen to the Planet Money Podcast from NPR. Planet Money is a different kind of
1:59.1	world where the complex economy actually makes sense. Where human stories supersede abstract theories
2:06.8	and where listeners can learn, laugh and be entertained. It's econ down to earth. In every episode,
2:14.7	the hosts have this great rapport and easy style. They just did an episode where they talked with
2:20.0	Lumeontouli. He's the guy who invented the internet cookie and changed the way we interact with
	...

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