When do you like to spend money? When you’re happy? When you’re sad? Do you spend when you see something you want, or do you hold onto your money? Psychology and economics collide in this insightful and informative episode from the PBS documentary series, NOVA.
Mind Over Money explores the psychological ramifications associates with the economic crash of 2008 that has led to the current recession. It explores how economists who perceived that the economy couldn’t fail were horribly wrong, and looks at the ways in which we as humans decide how we buy or don’t buy things.
Some experts contend that we are inclined to make subconscious economic choices that inform how we purchase items. Others disagree and believe that we buy things based more on the instant gratification of owning something we want over any future ramifications of owning something now. Several studies are presented to prove both points.
From Wall Street to Main Street, Mind Over Money shows how something like the housing bubble of the late 2000s seemingly crept up on economists and the public and caused utter financial chaos throughout the country. The experiment shown that explains how these financial bubbles are formed is quite eye opening.
With the aid of economists, psychologists, and other, Mind Over Money is a program that offers up both sides of the debate and allows the viewer to come to his own conclusions. It’s clear that both aspects of psychology and economics come into play as we go about our everyday lives. The real question is, which aspect is more powerful in our short-term and long-term decision-making?
If you’re interested in learning more about the current financial crisis and how we have arrived where we currently are, I recommend you check out NOVA: Mind Over Money. It’s an interesting and educational program that provides a clear perspective on this topical and relevant issue that affects us all.
NOVA: Mind Over Money is available NOW on DVD.
Check out other NOVA episodes on DVD and Blu-ray by clicking here!