The Scarcity Mindset
I was stumbled upon a tweet that someone found an impressive book that so mesmerizing and he/she was thinking that wouldn’t find another one. And the concept of scarcity mindset popped up right away after reading it.
This tweet reminds me of the scarcity principle I learned in marketing psychology class. This concept is called the scarcity principle, a marketing strategy that targets emotion of the customer especially fear to make them purchase the product. This concept, according to Robert Cialdini said that people tend to put more value on something they see as scarce or exclusive. The scarcity can be real or just perceived as it is.
The marketing strategist uses this principle to make consumers perceive their products are valuable, wanted by many people, and only sold in limited amounts or seasons. This strategy makes people perceive that the product will become scarce. We have seen so many e-commerce advertise their products with “only 3 pieces left”, or “this sale only last two days”. This trigger fear of missing out and orienting our mind towards unfulfilled needs.
I won't tell you much about this concept, because this post has no point about the marketing strategy or economic point of view. But, what I want to say is, this scarcity mindset really affects our feeling, thinking, and behavior. It’s not only affecting our decision-making on our buying behavior, but it also influences our view in relationship, time, and perspective toward things. Eldar Shafir, PhD (a psychology professor at Princeton University) and Sendhil Mullainathan, PhD (economist in Harvard University), explore how people’s minds are less efficient when they feel they lack something — whether it is money, time, calories, or even companionship.
I have a tendency to stuck in or difficult to get over something. I mull over and ponder something. I took a long time to move on or get over someone. And I found out that this scarcity mindset takes a toll on it.
“I think this guy is the most *insert fancy and extravagant qualities here* and most compatible with me, and I will never found another one like this”, or, “I think that nobody could replace him the way he loved me” and I trapped in vicious cycle like this.
It’s hard to move on because I have a scarcity mindset like this. Because I keep thinking he is rare and difficult to find. This case happened twice, and I repeatedly found new ones who are also compatible with me. This scarcity mindset deceived me and triggers fear to start over again.
This scarcity mindset which I owned just as I told you above, also happened to some people who were trapped in abusive relationships. This way of thinking really self-sabotage. They know their relationship is unhealthy, they know their partner is as**ole, but they stay in the relationship because think “he’s the only one who understand me”. They keep tolerating the abusive partner because they fear being abandoned and will not find another one.
If you read my previous post about nostalgia and longing for the past moment, it is another me trapped in this deceived way of thinking. I thought those years were my golden era and I wouldn’t have those moments again comes into my life. Until a Psychology Today article brought me to light, that my life wasn’t better, nor easier, nor I was happier in the past. Contrary, psychological research generally suggests that our best days are ahead of us, not behind. You can check it out the post here:
No, You Were Not Happier Way Back When. Here’s Why | Psychology Today
In the context of work, I always feel like I always running out of time to do my abundance tasks. Twenty-four hours a day is never been enough. So this causes me hustling, shifting from one task to another which leads to exhaustion and burnout. Fear of not having enough time, makes me focus only to work and putting everything aside.
For the financial context, research shows thinking that having too little or not enough money can lead to overborrowing.
So the question is, how to change this maladaptive mindset?
First, we must acknowledge this biased thinking. We must aware that we hold the irrational belief of this scarcity, we fear our needs will not be fulfilled. Action of change always begins with self-awareness.
Then, we should recognize that this mindset is not healthy in long run. It has many disadvantages to having this mindset. Researcher Shafir and Mullainathan explained that when we focus on one thing, we are less likely to think about the other thing (especially the important one). They call it tunneling — as we devote more and more to dealing with scarcity, we have less and less for other things in our life.
When they only focus on the abusive partner, they ignore the possibility to meet someone better. They block the opportunity to build relationship with other people and not take chances.
The opposite of scarcity is abundance. So instead of thinking we have less, think that there are still a lot. There’s still the time to explore more, to enjoy more things, to create other beautiful moments in life. There is possibility that you will meet another guy who will accept you the way you are. There are still plenty, and you have to explore and create them. Cheers to more adventure!
And I wish you the best of every step you take. Good luck with whatever you pursue in life!
Reference:
Novotney (2014). The psychology of scarcity. Retrieved from https://www.apa.org/monitor/2014/02/scarcity
Shah, A. K., Mullainathan, S., & Shafir, E. (2012). Some consequences of having too little. Science, 338(6107), 682–685.
