Most of the time we know what is good for us but still fail to act on it. Here is an interesting article on how decisions made on a day-to-day basis affect our lives.
When we have people rank their top core value, they rate their health above all else 99% of the time. Yes, above family, above relationships, above happiness, and always above world peace. We all know that to stay healthy, we need to exercise, eat the right nutrients, and stay hydrated. However, in 2021, the World Health Organization estimated that 2.8 million deaths were directly correlated to obesity. Many of those deaths could have been avoided. People know how to eat healthily, they know about hydration, and they know they should exercise. Yet many of us opt not to work out today because there’s always tomorrow. But today’s actions often result in us having the same thought, the same excuse, and the same lack of progress tomorrow.
I have been sceptical of businesses like Paytm in the past as they were not able to get beyond their dependence on their wallet business, which was decimated post the launch of free UPI. Now the launch of the soundbox is slowly changing the fortunes of these businesses. Although digital payments have taken off in India in a big way, fintech companies have not been making money from facilitating them. Soundboxes are solving this problem. The success of Paytm’s device has prompted other companies like BharatPe, PhonePe, and MobiKwik to launch their own versions of the sound box.
The sound box device — first introduced by India’s largest fintech company, Paytm, in 2019 — has been a runaway hit among small Indian businesses. Neighborhood mom-and-pop stores (kiranas) and street vendors, who had traditionally shied away from paying for tech services, have warmed up to the sound box. The smart device — essentially a speaker bearing the logo of the fintech company facilitating the transactions — comes with a built-in SIM card. Most sound boxes can read out payment confirmation messages in English and multiple Indian languages, such as Hindi, Tamil, Telugu, Bengali, and Punjabi. In Indian cities and towns, sound boxes can now be seen across diverse businesses — from kiranas and clothing stores to produce carts and shops selling smoking products.
Thought of the Week
Tyler Cowen on preparing for the future:
"I think the future belongs to people who are what I call meta-rational. That is, people who realize their own limitations. So not all the skills that you think are so valuable actually will matter in the future. Don’t just feel good about yourself, but think critically, what am I actually good at that will complement emerging sectors and emerging technologies. The world of the future, even the present will be a world of algorithms. ... People who think they can beat the algorithms will make a lot more mistakes. ... So know when you should defer. It’s easier than ever before to get advice from other people, including on podcasts, right? Or, you know, go to Yelp. When can you trust the advice of others? Having good judgment there is becoming more important than just being the smartest person or having the highest IQ."
The ability to judge which person or media to follow is a critical skill for the current times. The danger of unquestioningly accepting news and views from others is that we tend to live in an echo chamber of like-minded people without ever really questioning our assumptions or challenging our understanding.
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