EP78: Dr. Barry Schwartz on the paradox of choice, practical wisdom, and why we work

We often think more choice is better, individuals should only decide for themselves, and a bigger paycheck is motivating. Dr. Barry Schwartz has researched and written about these things, indicating that choice can actually be paralyzing, practical wisdom needs to be tailored to individuals, and most people are more satisfied when work gives meaning, not just money. We also touch on maximizing vs satisficing and why a good challenge is to be a satisficer regarding more decisions. Dr. Barry Schwartz, PhD is an emeritus professor of psychology at Swarthmore College and a visiting professor at the Haas School of Business at Berkeley. He has spent fifty years thinking and writing about the interaction between economics, psychology, and morality.  He has written several books that address aspects of this interaction, including The Battle for Human Nature, The Costs of Living, The Paradox of Choice, Practical Wisdom, and most recently, Why We Work. Dr. Schwartz has written for sources as diverse as The New York Times, The New York Times Magazine, the Chronicle of Higher Education, Slate, Scientific American, The New Republic, the Harvard Business Review, and the Guardian. He has spoken four times at the TED conference, and his TED talks have been viewed by more than 25 million people.