Put off reading this article.
What does procrastination tell us about ourselves?
James Surowiecki. From the New Yorker of 11 October
Some years ago, the economist George Akerlof found himself faced with a simple task: mailing a box of clothes from India, where he was living, to the United States. The clothes belonged to his friend and colleague Joseph Stiglitz, who had left them behind when visiting, so Akerlof was eager to send the box off. But there was a problem. The combination of Indian bureaucracy and what Akerlof called “my own ineptitude in such matters” meant that doing so was going to be a hassle—indeed, he estimated that it would take an entire workday. So he put off dealing with it, week after week. This went on for more than eight months, and it was only shortly before Akerlof himself returned home that he managed to solve his problem: another friend happened to be sending some things back to the U.S., and Akerlof was able to add Stiglitz’s clothes to the shipment. Given the vagaries of intercontinental mail, it’s possible that Akerlof made it back to the States before Stiglitz’s shirts did.
There’s something comforting about this story: even Nobel-winning economists procrastinate! Many of us go through life with an array of undone tasks, large and small, nibbling at our conscience. But Akerlof saw the experience, for all its familiarity, as mysterious. He genuinely intended to send the box to his friend, yet, as he wrote, in a paper called “Procrastination and Obedience” (1991), “each morning for over eight months I woke up and decided that the next morning would be the day to send the Stiglitz box.” He was always about to send the box, but the moment to act never arrived. Akerlof, who became one of the central figures in behavioral economics, came to the realization that procrastination might be more than just a bad habit. He argued that it revealed something important about the limits of rational thinking and that it could teach useful lessons about phenomena as diverse as substance abuse and savings habits. Since his essay was published, the study of procrastination has become a significant field in academia, with philosophers, psychologists, and economists all weighing in.
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About the author:
James Surowiecki has been a staff writer at The New Yorker since 2000. He writes The Financial Page. Surowiecki came to The New Yorker from Slate, where he wrote the Moneybox column. He has also been a contributing editor at Fortune and a staff writer at Talk. Previously, he was the business columnist for New York magazine. He has contributed to The Wall Street Journal, Wired, the New York Times Magazine, the Washington Post, and Lingua Franca, and has written on subjects ranging from Silicon Valley to college basketball. His book, “The Wisdom of Crowds: Why the Many Are Smarter than the Few and How Collective Wisdom Shapes Business, Economies, Societies, and Nations,” was published in 2004. Surowiecki lives in Brooklyn, New York.