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Image credits: Competitive_Bag3933 #2. Being poor is very expensive. For example, if you're unable to afford to pay a speeding ticket, it will accrue late fees, making it even harder to pay off.
The Dunning–Kruger effect, on the other hand, focuses on how this type of misjudgment happens for poor performers. [38] [2] [4] When the better-than-average effect is paired with regression toward the mean, it shows a similar tendency. This way, it can explain both that unskilled people greatly overestimate their competence and that the ...
Recalling the past in a self-serving manner, e.g., remembering one's exam grades as being better than they were, or remembering a caught fish as bigger than it really was. Euphoric recall: The tendency of people to remember past experiences in a positive light, while overlooking negative experiences associated with that event. Fading affect bias
Decision fatigue may also lead to consumers making poor choices with their purchases. There is a paradox in that "people who lack choices seem to want them and often will fight for them", yet at the same time, "people find that making many choices can be [psychologically] aversive."
It seems that a grand paradox of wealth inequality is the fact that it's more expensive to be poor than it is to be rich. This theory has been called the "Boots Theory," popularized by a passage of...
The top 1% all live better than John D Rockefeller was living when I was six years old. … And today, you can get better medicine, better education, better entertainment, and better ...
In the country’s 10 largest metros, residents earning more than $150,000 per year now outnumber those earning less than $30,000 per year. Millennials who are able to relocate to these oases of opportunity get to enjoy their many advantages: better schools, more generous social services, more rungs on the career ladder to grab on to.
Social deprivation is the reduction or prevention of culturally normal interaction between an individual and the rest of society. This social deprivation is included in a broad network of correlated factors that contribute to social exclusion; these factors include mental illness, poverty, poor education, and low socioeconomic status, norms and values.