Memories are a durable investment
Skip the new high heels. You'll get more lasting enjoyment out of going bungee jumping, driving hours to try a new restaurant, or getting lost on vacation.
Skip the new high heels. You'll get more lasting enjoyment out of going bungee jumping, driving hours to try a new restaurant, or getting lost on vacation.
A recurring theme of recent happiness research is that when it comes to seeking pleasure, people should 鈥渂uy experiences rather聽than things.鈥� People are happier when they skip the shiny baubles (or new high heels) and do something memorable.
Over at the Atlantic, Garett Jones gives one economic explanation for this finding: memories are a durable good.
That鈥檚 good advice. But I can鈥檛 help thinking that people who are unhappy on vacation are doing it wrong. Then again, maybe my recollection is blurred by selective memory?
In any case, the little feline above is a great example of Garett鈥檚 thesis. Since I was a child, I had always wanted to see an ocelot in the wild. And last summer, Esther and I found one in Brazil. Our entire encounter lasted about 15 seconds and produced a couple of mediocre photos. But until my brain gives out, I will always cherish seeing the little critter.
P.S. About 20 years ago, I recall someone attributing the 鈥渕emory is a durable good鈥� idea to Milton Friedman. If anyone鈥檚 got a cite to that, please post in the comments.
P.P.S. Will Wilkinson also comments on Garett鈥檚 thesis.