Why do poor people make so many bad decisions? It’s a harsh question, but look at the data: poor people borrow more, save less, smoke more, exercise less, drink more and eat less healthily. Why?
Margaret Thatcher once called poverty a “ personality defect ”. Though not many would go quite so far, the view that there’s something wrong with poor people is not exceptional. To be honest, it was how I thought for a long time. It was only a few years ago that I discovered that everything I thought I knew about poverty was wrong.
It all started when […]
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