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Price shocks in formative years scar consumption for life

knowledge.wharton.upenn.edu

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Re: Price shocks in formative years scar consumption for life

#391

Post by quantified »

ackfoobar wrote: post #348
cs137 wrote: post #13

Earlier quoted context omitted.

Plus, a lot of that gas consumption is spent commuting, which makes people miserable. Murdering the daily commute is a good thing Covid-19 did, although I don't expect it to last long (WFH-ers will get fewer promotions, despite working harder, and eventually RTO fetishists will rule the roost). Very few people want to "consume gas". They want to be able to live decently and have meaningful jobs. Unfortunately, in tod…

> a lot of that gas consumption is spent commuting, which makes people miserable. Murdering the daily commute is a good thing Covid-19 did I guess this applies more to those who drive from the suburb. I lived in a dense city with great transit. I miss the commute, which forces me to walk a bit, starts myself up, and helps me compartmentalize my time.

I myself would ealk or bike to the train. My tolerance for walking is 2.5 miles each way and I've been fortunate to have spent all but about 9 months of my career like that. So many can't or don't, though.

Re: Price shocks in formative years scar consumption for life

#392

Post by quantified »

heartbeats wrote: post #389
quantified wrote: post #5

Yeah, we don't just burn gas driving everywhere. "Scar consumption" as a phrase assumes that consumption in the American style is a healthy activity to begin with, and this outcome is damaging or ugly. "Permanently reduce consumption" would be more worthy of an academic setting, that title is clickbaity. Perhaps some will overdo avoidance of something because of fear of expense. Better than masses overdoing from buil…

> "Scar consumption" as a phrase assumes that consumption in the American style is a healthy activity to begin with, and this outcome is damaging or ugly. Well, not really. The basic problem is that production has to equal consumption. And so there are three possibilities: 1. People consume all of their income 2. People work less 3. People work, but get paid less In a fair economy, the third point won't happen. In a…

If people consume less, they'll produce less. Not really a problem, certainly not for gasoline.

You assume people don't even consider saving somehow. Why is that?

Re: Price shocks in formative years scar consumption for life

#393

Post by pishpash »

astrange wrote: post #388
pishpash wrote: post #351

Earlier quoted context omitted.

Broad munis and intermediate treasuries are both down 10% YTD, and so are TIPS (though at least those have had inflation adjustments). You might want to check your "emergency fund investment account" lol...

It’s on target still. Less margin than usual, but the gains from the last 10 years have made up for that. Betterment recommends 30% margin: https://www.betterment.com/resources/funding-a-safety-net-ca...

Gains from the past isn't so much the point, but rather when you may need to liquidate. An emergency fund is typically needed at the worst possible time, when the economy isn't good and investments are deflated. That's the liquidity risk you take with anything but cash.

Re: Price shocks in formative years scar consumption for life

#394

Post by selimthegrim »

nradov wrote: post #378
selimthegrim wrote: post #160

Earlier quoted context omitted.

That’s not the suburbs.

I guess it depends how you define "suburbs", but it's outside the core downtown area. If your prefer a house further out in the suburbs or exurbs then there are plenty of options to pick from. Anyway, the point is that people on HN who have relatively high incomes and job skills, and still complain about lack of affordable housing are mostly just being picky about location. There are options available but it might me…

I am from Cleveland, that is considered a very nice area these days including the proximity to Steelyard Commons, bars, West Side Market, St Ignatius HS etc

Re: Price shocks in formative years scar consumption for life

#395

Post by cgriswald »

seanmcdirmid wrote: post #374
beezle wrote: post #297

I was a kid during both oil shocks of the 1970s. That has absolutely nothing to do with my driving. What does, and not just for driving, is the family taught cultural value of 'don't be wasteful'. So unlike so many people today, I don't make 12 trips a day to stores/friends/whatever when I can just make one or two if I actually think 5 minutes ahead. That applies whether gas is $1 or $5 per gallon. I also try to make…

I was a kid during the 80s when gas was (comparatively) cheap. But I got so sick of living out in the middle of nowhere and having to drive all the time (as a kid, with my parents), that I spend more on housing in urban areas where I can walk to multiple stores. Throwing things away is so difficult these days that I try to make purchases that avoid it. But like...we still have my 5 year olds car seat in our garage be…

> we still have my 5 year olds car seat in our garage because no place will take them (I have to make a trip to the dump, or get a junk hauler to come by with a big load for them and a few hundred bucks).

Our garbage system allows us two "bulky item" pickups per year with our regular garbage if we call in advance where they'll take anything in a 3x3x6 volume.

For everything else, I just destroy it with old power tools.

Re: Price shocks in formative years scar consumption for life

#396

Post by daniel-cussen »

freeone3000 wrote: post #119
TedDoesntTalk wrote: post #102

Earlier quoted context omitted.

Part of the cost is equipment, too. Have you seen the regulations that medical equipment must meet? And the certifications that equipment requires? I’m not talking about big ticket items like MRI machines. I mean just blood pressure cuffs.

I promise you, Canada and Germany and Chile and France also have MRI machines and blood pressure cuffs.

There's old ways to take blood pressure that haven't been expensified by American medicine.

Re: Price shocks in formative years scar consumption for life

#397

Post by fleddr »

weinzierl wrote: post #7

It's more that abundance in formative years spoils you for life.

The "for life" remark is interesting in relation to generation Z.

Materially, the most spoiled generation ever, through no fault of their own. Material abundance, cheap goods, instant gratification and very liberal parenting. Mediocre work ethic, a something for nothing attitude, if I may exaggerate a little. Peak individualism.

...until they move out and meet actual life. The contrast is quite cruel, so I wonder if "for life" always applies.

Re: Price shocks in formative years scar consumption for life

#398

Post by fleddr »

Economic shocks are not fun, but to lighten the mood I figured to share a weird but hilarious subculture: vrekken.

A "vrek" is the dutch word for somebody that is extraordinarily frugal in unhealthy ways. The vrekken culture embraces this as a quality and then escalates it to Olympic standards. Not even out of necessity, instead as an avenue for creativity.

Here's one such vrekken news paper of the "Saver of the Fatherland": https://www.vrekkenpagina.nl/

I'm unsure if there's international versions of this culture?

Re: Price shocks in formative years scar consumption for life

#399

Post by stretchwithme »

bornfreddy wrote: post #299
jackblemming wrote: post #298

Earlier quoted context omitted.

How many years earlier does that let you retire?

Is that the only goal people are supposed to have in life?

It can simply mean being able to work on your own terms. Being able to walk away from undesirable situations, even if you still enjoy working.
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