Tools for Thought

Yesterday, The Simple Dollar posted a great review of Predictably Irrational, a book that covers mental accounting and behavioral economics. One chapter he discussed, “The Cost of Zero Cost,” intrigued me because I happened to be in a situation that indirectly underscored the principle. I was about to have a second cup of coffee in a venue that offers free refills — something I’ve done for weeks. I suddenly realized that I didn’t need or even want more coffee, but since it was free I felt obliged to ask for it.

The most costly free resource is the most abundant: information. Stewart Brand noted more than 30 years ago that “Information wants to be free,” and nowadays it usually is. But nothing is free if it costs time and attention.

Opportunity cost

Whenever I’m tongue-tied in conversations about television shows, I’m forced to admit that I don’t watch or own a television. If asked why, I usually have to elaborate the answer: I can’t afford it. The dollar cost of the box is neglible compared to the thousands of hours of assumed entertainment we get. So it seems affordable, even for the poorest American. Two things make it unaffordable. The first is the cost of satisfying the artificial wants imputed by hundreds of hours of commercials, or the thousands of hours of insidious lifestyle/aspiration marketing in the shows themselves.

The more important reason is the simpler one: opportunity cost. Unless it’s viewed as recreation or relaxation rather than consumption, every hour spent watching television is an hour not spent enriching life on some level. Many people are quick to complain about some debilitating aspect of their lives, like a terrible job, but are unwilling to give up an unproductive routine to free up the time necessary to create a change.

It’s not even necessary to give up the routine completely. The routine may not even be intrinsically unproductive, but excessive in length or volume. What’s important is identifying the point of diminishing returns by making “enough” the watchword in whatever we allow into our lives. One cup might be enough coffee in the morning, one show might be enough television in the evening.

An unproductive activity is a more common form of procrastination than inactivity.