The paradox of choice | Barry Schwartz | TED

6,001,583 views ใƒป 2007-01-16

TED


ืื ื ืœื—ืฅ ืคืขืžื™ื™ื ืขืœ ื”ื›ืชื•ื‘ื™ื•ืช ื‘ืื ื’ืœื™ืช ืœืžื˜ื” ื›ื“ื™ ืœื”ืคืขื™ืœ ืืช ื”ืกืจื˜ื•ืŸ.

ืชืจื’ื•ื: Omer Lahav ืขืจื™ื›ื”: Yifat Adler
00:25
I'm going to talk to you about some stuff that's in this book of mine
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ืื ื™ ืขื•ืžื“ ืœื“ื‘ืจ ืื™ืชื›ื ืขืœ ื“ื‘ืจื™ื ืžืกื•ื™ืžื™ื ื‘ืกืคืจ ืฉืœื™
00:28
that I hope will resonate with other things you've already heard,
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ืฉืื ื™ ืžืงื•ื•ื” ืฉื™ืชื—ื‘ืจื• ืขื ื“ื‘ืจื™ื ืื—ืจื™ื ืฉืฉืžืขืชื,
00:31
and I'll try to make some connections myself,
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ื•ืื ื™ ืื ืกื” ืœื”ื“ื’ื™ืฉ ืืช ื”ืงืฉืจื™ื ื‘ืžืงืจื” ืฉืชื—ืžื™ืฆื• ืื•ืชื.
00:33
in case you miss them.
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00:35
But I want to start with what I call the "official dogma."
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ืื ื™ ืจื•ืฆื” ืœื”ืชื—ื™ืœ ืขื ืžื” ืฉืื ื™ ืžื›ื ื” ื”"ื“ื•ึนื’ืžื” ื”ืจืฉืžื™ืช".
00:39
The official dogma of what?
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ื”ื“ื•ึนื’ืžื” ื”ืจืฉืžื™ืช ืฉืœ ืžื”?
00:41
The official dogma of all Western industrial societies.
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ื”ื“ื•ึนื’ืžื” ื”ืจืฉืžื™ืช ืฉืœ ื›ืœ ื”ื—ื‘ืจื•ืช ื”ืžืขืจื‘ื™ื•ืช ื”ืžืชื•ืขืฉื•ืช.
00:44
And the official dogma runs like this:
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ื•ื”ื“ื•ึนื’ืžื” ื”ื–ื• ื”ื™ื ื‘ืขืจืš ืžืฉื”ื• ื›ื–ื”:
00:47
if we are interested in maximizing the welfare of our citizens,
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ืื ื‘ืจืฆื•ื ื ื• ืœืžืงืกื (ืžืœืฉื•ืŸ ืžืงืกื™ืžื•ื) ืืช ืื™ื›ื•ืช ื—ื™ื™ื”ื ืฉืœ ืื–ืจื—ื™ื ื•,
00:51
the way to do that is to maximize individual freedom.
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ื”ื“ืจืš ืœืขืฉื•ืช ื–ืืช ื”ื™ื ืœืžืงืกื ืืช ื—ื•ืคืฉ ื”ืคืจื˜.
00:57
The reason for this is both that freedom is, in and of itself, good,
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ื”ื”ื’ื™ื•ืŸ ืžืื—ื•ืจื™ ื–ื” ื”ื•ื ืฉื—ื•ืคืฉ ื‘ืคื ื™ ืขืฆืžื• ื”ื•ื ื˜ื•ื‘,
01:02
valuable, worthwhile, essential to being human,
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ื‘ืขืœ-ืขืจืš, ื›ื“ืื™ ื•ื—ื™ื•ื ื™ ื›ื“ื™ ืœื”ื™ื•ืช ืื ื•ืฉื™ื™ื.
01:05
and because if people have freedom,
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ื•ื‘ื ื•ืกืฃ, ืื ืœืื ืฉื™ื ื™ืฉ ื—ื•ืคืฉ,
01:08
then each of us can act on our own
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ืื– ื›ืœ ืื—ื“ ื•ืื—ืช ื™ื›ื•ืœื™ื ืœืคืขื•ืœ ื‘ืขืฆืžื
01:10
to do the things that will maximize our welfare,
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ื›ื“ื™ ืœืขืฉื•ืช ืืช ืžื” ืฉื ื—ื•ืฅ ื›ื“ื™ ืœืžืงืกื ืืช ื”ืื•ืฉืจ ืฉืœื ื•,
01:12
and no one has to decide on our behalf.
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ื•ืืฃ ืื—ื“ ืœื ืฆืจื™ืš ืœื”ื—ืœื™ื˜ ืžื˜ืขืžื ื•;
01:15
The way to maximize freedom is to maximize choice.
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ื”ื“ืจืš ืœืžืงืกื ื—ื•ืคืฉ ื”ื™ื ืœืžืงืกื ืืช ื—ื•ืคืฉ ื”ื‘ื—ื™ืจื”;
01:20
The more choice people have, the more freedom they have,
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ื›ื›ืœ ืฉื™ืฉ ืœืื ืฉื™ื ื™ื•ืชืจ ืืคืฉืจื•ื™ื•ืช, ื›ืš ื™ืฉ ืœื”ื ื™ื•ืชืจ ื—ื•ืคืฉ,
01:24
and the more freedom they have,
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ื•ื›ื›ืœ ืฉื™ืฉ ืœื”ื ื™ื•ืชืจ ื—ื•ืคืฉ, ื›ืš ืื™ื›ื•ืช ื—ื™ื™ื”ื ืžืฉืชืคืจืช.
01:26
the more welfare they have.
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01:29
This, I think, is so deeply embedded in the water supply
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ื”ื“ื‘ืจ ื”ื–ื”, ืœื“ืขืชื™, ื›ืœ-ื›ืš ืžื•ื‘ืŸ ืžืืœื™ื•,
01:34
that it wouldn't occur to anyone to question it.
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ืฉืœื ืขืœื” ื‘ื“ืขืชื• ืฉืœ ืื™ืฉ ืœื”ื˜ื™ืœ ื‘ื• ืกืคืง.
01:38
And it's also deeply embedded in our lives.
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ื•ื”ื•ื ื’ื ืžื•ื˜ืžืข ืขืžื•ืง ื‘ื—ื™ื™ื ื•.
01:42
I'll give you some examples
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ืืชืŸ ืœื›ื ื›ืžื” ื“ื•ื’ืžืื•ืช
01:44
of what modern progress has made possible for us.
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ืœืžื” ืฉื”ืงื™ื“ืžื” ื”ืžื•ื“ืจื ื™ืช ืื™ืคืฉืจื” ืœื ื• ืœืขืฉื•ืช.
ื–ื” ื”ืžืจื›ื•ืœ ืฉืœื™.
01:48
This is my supermarket.
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01:49
Not such a big one.
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ื”ื•ื ืœื ื›ื–ื” ื’ื“ื•ืœ.
01:51
I want to say just a word about salad dressing.
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ืื ื™ ืจื•ืฆื” ืœื•ืžืจ ื›ืžื” ืžื™ืœื™ื ืขืœ ืจื˜ื‘ื™ื ืœืกืœื˜.
01:54
A hundred seventy-five salad dressings in my supermarket,
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ื‘ืžืจื›ื•ืœ ืฉืœื™ ื™ืฉ 175 ืจื˜ื‘ื™ื ืœืกืœื˜,
ื‘ืœื™ ืœืงื—ืช ื‘ื—ืฉื‘ื•ืŸ 10 ืกื•ื’ื™ื ืฉื•ื ื™ื ืฉืœ ืฉืžืŸ ื–ื™ืช ื›ืชื™ืช ืžืขื•ืœื”
01:57
if you don't count the 10 extra-virgin olive oils
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02:00
and 12 balsamic vinegars you could buy
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ื•-12 ืกื•ื’ื™ื ืฉืœ ื—ื•ืžืฅ ื‘ืœืกืžื™ ืฉืืชื ื™ื›ื•ืœื™ื ืœืงื ื•ืช
02:03
to make a very large number of your own salad dressings,
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ื›ื“ื™ ืœื”ื›ื™ืŸ ืžื‘ื—ืจ ื’ื“ื•ืœ ืฉืœ ืจื˜ื‘ื™ื ืžืฉืœ ืขืฆืžื›ื,
ื‘ืกื™ื›ื•ื™ ื”ืงืœื•ืฉ ืฉืืฃ ืื—ื“ ืž-175 ื”ืจื˜ื‘ื™ื ื‘ื—ื ื•ืช ืœื ืžืชืื™ื ืœื›ื.
02:06
in the off-chance that none of the 175 the store has on offer suit you.
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02:11
So this is what the supermarket is like.
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ืื– ื›ืš ื ืจืื” ื”ืžืจื›ื•ืœ.
02:13
And then you go to the consumer electronics store
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ื•ืื ืืชื ื”ื•ืœื›ื™ื ืœื—ื ื•ืช ืžื•ืฆืจื™ ื—ืฉืžืœ ื›ื“ื™ ืœื”ืจื›ื™ื‘ ืžืขืจื›ืช ืกื˜ืจื™ืื• -
02:15
to set up a stereo system --
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02:17
speakers, CD player, tape player, tuner, amplifier --
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ืจืžืงื•ืœื™ื, ื ื’ืŸ ืชืงืœื™ื˜ื•ืจื™ื, ื˜ื™ื™ืค, ื˜ื•ื ืจ, ืžื’ื‘ืจ.
02:21
and in this one single consumer electronics store,
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ื•ื‘ื—ื ื•ืช ื”ืื—ืช ื”ื–ื• ืฉืœ ืžื•ืฆืจื™ ื—ืฉืžืœ,
02:25
there are that many stereo systems.
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ื™ืฉ ื”ื›ืžื•ืช ื”ื–ืืช ืฉืœ ืžืขืจื›ื•ืช ืกื˜ืจื™ืื•.
02:28
We can construct six and a half million different stereo systems
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ืืคืฉืจ ืœื”ืจื›ื™ื‘ 6.5 ืžื™ืœื™ื•ืŸ ืžืขืจื›ื•ืช ืกื˜ืจื™ืื• ืฉื•ื ื•ืช
02:33
out of the components that are on offer in one store.
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ืžื”ืจื›ื™ื‘ื™ื ืฉืžื•ืฆืขื™ื ืœืžื›ื™ืจื” ื‘ื—ื ื•ืช ืื—ืช.
02:36
You've got to admit that's a lot of choice.
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ืืชื ื—ื™ื™ื‘ื™ื ืœื”ื•ื“ื•ืช ืฉื–ื” ื”ืžื•ืŸ ื—ื•ืคืฉ ื‘ื—ื™ืจื”.
02:39
In other domains -- the world of communications.
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ื‘ืชื—ื•ืžื™ื ืื—ืจื™ื: ืขื•ืœื ื”ืชืงืฉื•ืจืช.
02:43
There was a time, when I was a boy,
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ื”ื™ื• ื–ืžื ื™ื, ื›ืฉื”ื™ื™ืชื™ ื™ืœื“,
02:45
when you could get any kind of telephone service you wanted,
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ื›ืฉืืคืฉืจ ื”ื™ื” ืœืงื‘ืœ ื›ืœ ืฉื™ืจื•ืช ื˜ืœืคื•ื ื™ ืฉืจืฆื™ืชื ื‘ื•,
ื‘ืชื ืื™ ืฉื”ื•ื ื”ื™ื” ืฉืœ "ื‘ึผืœ".
02:48
as long as it came from Ma Bell.
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02:49
You rented your phone, you didn't buy it.
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ื”ื™ื™ืชื ืฉื•ื›ืจื™ื ืืช ืžื›ืฉื™ืจ ื”ื˜ืœืคื•ืŸ. ืœื ื”ื™ื™ืชื ืงื•ื ื™ื ืื•ืชื•.
02:52
One consequence of that, by the way, is that the phone never broke.
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ืชื•ืฆืื” ืื—ืช ืฉืœ ื–ื”, ืื’ื‘, ื”ื™ื ืฉื”ื˜ืœืคื•ืŸ ืœืขื•ืœื ืœื ื”ืชืงืœืงืœ.
02:55
And those days are gone.
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ื•ื”ื™ืžื™ื ื”ื”ื ื—ืœืคื•.
02:58
We now have an almost unlimited variety of phones,
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ืขื›ืฉื™ื• ื™ืฉ ืœื ื• ืžื’ื•ื•ืŸ ื›ืžืขื˜ ื‘ืœืชื™ ืžื•ื’ื‘ืœ ืฉืœ ื˜ืœืคื•ื ื™ื,
ื‘ืžื™ื•ื—ื“ ื‘ืขื•ืœื ื”ื˜ืœืคื•ื ื™ื ื”ืกืœื•ืœืจื™ื™ื.
03:01
especially in the world of cell phones.
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03:03
These are cell phones of the future.
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ืืœื” ื”ื ื”ื˜ืœืคื•ื ื™ื ื”ืกืœื•ืœืจื™ื™ื ืฉืœ ื”ืขืชื™ื“.
03:06
My favorite is the middle one --
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ื”ื—ื‘ื™ื‘ ืขืœื™ ื”ื•ื ื”ืืžืฆืขื™...
(ืฆื—ื•ืง)
03:08
the MP3 player, nose hair trimmer, and crรจme brรปlรฉe torch.
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ื ื’ืŸ MP3, ืงื•ืฆืฅ ืฉืขืจื•ืช ื‘ืืฃ ื•ืžื‘ืขืจ ืงืจื ื‘ืจื•ืœื”. ื•ืื...
03:11
And if --
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(ืฆื—ื•ืง)
03:13
(Laughter)
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03:14
if by some chance you haven't seen that in your store yet,
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ื•ืื ืขื“ื™ื™ืŸ ืœื ืจืื™ืชื ืื—ื“ ื›ื–ื” ื‘ื—ื ื•ืช,
03:17
you can rest assured that one day soon, you will.
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ื”ื™ื• ืกืžื•ื›ื™ื ื•ื‘ื˜ื•ื—ื™ื ืฉื‘ืงืจื•ื‘ ืชืจืื•. ื•ื”ืชื•ืฆืื” ื”ื™ื,
03:20
And what this does is it leads people to walk into their stores,
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ืฉืื ืฉื™ื ื™ื™ื›ื ืกื• ืœื—ื ื•ื™ื•ืช ืขื ื”ืฉืืœื” ื”ื–ื•:
03:24
asking this question.
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-ื™ืฉ ืœืš ื˜ืœืคื•ืŸ ืฉืœื ืขื•ืฉื” ื›ืœ ื›ืš ื”ืจื‘ื”?-
03:25
And do you know what the answer to this question now is?
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ื•ืืชื ื™ื•ื“ืขื™ื ืžื” ื”ืชืฉื•ื‘ื” ืœืฉืืœื” ื”ื–ืืช ืขื›ืฉื™ื•?
03:28
The answer is "no."
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ื”ืชืฉื•ื‘ื” ื”ื™ื "ืœื".
03:30
It is not possible to buy a cell phone that doesn't do too much.
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ืื™-ืืคืฉืจ ืœืงื ื•ืช ื˜ืœืคื•ืŸ ืกืœื•ืœืจื™ ืฉืœื ืขื•ืฉื” ื™ื•ืชืจ ืžื“ื™.
03:33
So, in other aspects of life that are much more significant than buying things,
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ื‘ื”ื™ื‘ื˜ื™ื ืื—ืจื™ื ืฉืœ ื”ื—ื™ื™ื ืฉื”ื ื”ืจื‘ื” ื™ื•ืชืจ ืžืฉืžืขื•ืชื™ื™ื ืžืงื ื™ื•ืช
03:39
the same explosion of choice is true.
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ืงื™ื™ื ืื•ืชื• ื’ื™ื“ื•ืœ ืขืฆื•ื ื‘ื—ื•ืคืฉ ื”ื‘ื—ื™ืจื”.
03:42
Health care.
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ื‘ืจื™ืื•ืช.
03:44
It is no longer the case in the United States
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ื‘ืืจื”"ื‘ ื›ื‘ืจ ืœื ืงื•ืจื”
03:46
that you go to the doctor, and the doctor tells you what to do.
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ืฉืืชื ื”ื•ืœื›ื™ื ืœืจื•ืคื, ื•ื”ืจื•ืคื ืื•ืžืจ ืœื›ื ืžื” ืœืขืฉื•ืช.
03:50
Instead, you go to the doctor,
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ื‘ืžืงื•ื, ืืชื ื”ื•ืœื›ื™ื ืœืจื•ืคื,
03:52
and the doctor tells you, "Well, we could do A, or we could do B.
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ื•ื”ืจื•ืคื ืื•ืžืจ ืœื›ื, "ืื ื• ื™ื›ื•ืœื™ื ืœืขืฉื•ืช ื' ืื• ืœืขืฉื•ืช ื‘'.
03:55
A has these benefits and these risks.
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"ืœ-ื' ื™ืฉ ื™ืชืจื•ื ื•ืช ื›ืืœื” ื•ืกื™ื›ื•ื ื™ื ื›ืืœื”.
03:57
B has these benefits and these risks.
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"ืœ-ื‘' ื™ืฉ ื™ืชืจื•ื ื•ืช ื›ืืœื” ื•ืกื™ื›ื•ื ื™ื ื›ืืœื”.
04:00
What do you want to do?"
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"ืžื” ืืชื ืจื•ืฆื™ื ืœืขืฉื•ืช?"
04:02
And you say, "Doc, what should I do?"
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ื•ืืชื ืฉื•ืืœื™ื, "ื“"ืจ, ืžื” ื›ื“ืื™ ืœื™ ืœืขืฉื•ืช?"
04:04
And the doc says, "A has these benefits and risks,
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ื•ื”ืจื•ืคื ืื•ืžืจ, "ืœ-ื' ื™ืฉ ื”ื™ืชืจื•ื ื•ืช ื•ื”ืกื™ื›ื•ื ื™ื ื”ืืœื”,
04:07
and B has these benefits and risks.
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"ื•ืœ-ื‘' ื™ืฉ ื”ื™ืชืจื•ื ื•ืช ื•ื”ืกื™ื›ื•ื ื™ื ื”ืืœื”.
04:09
What do you want to do?"
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"ืžื” ืืชื ืจื•ืฆื™ื ืœืขืฉื•ืช?"
04:11
And you say, "If you were me, Doc, what would you do?"
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ื•ืืชื ืื•ืžืจื™ื, "ื“"ืจ, ืื ื”ื™ื™ืช ื‘ืžืงื•ืžื™, ืžื” ื”ื™ื™ืช ืขื•ืฉื”?"
04:15
And the doc says, "But I'm not you."
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ื•ื”ืจื•ืคื ืขื•ื ื”, "ืื‘ืœ ืื ื™ ืœื ื‘ืžืงื•ืžืš."
04:18
And the result is -- we call it "patient autonomy,"
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ื•ื”ืชื•ืฆืื” ื”ื™ื -- ืื ื—ื ื• ืงื•ืจืื™ื ืœื–ื” "ื”ืื•ื˜ื•ื ื•ืžื™ื” ืฉืœ ื”ืคืฆื™ื™ื ื˜",
04:21
which makes it sound like a good thing,
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ืฉื’ื•ืจื ืœื–ื” ืœื”ื™ืฉืžืข ื›ืžื• ื“ื‘ืจ ื˜ื•ื‘,
04:23
but what it really is is a shifting of the burden and the responsibility
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ืื‘ืœ ื‘ืคื•ืขืœ ื–ื• ื”ืขื‘ืจื” ืฉืœ ื”ื ื˜ืœ ื•ื”ืื—ืจื™ื•ืช ืœืงื‘ืœืช ื”ื”ื—ืœื˜ื•ืช
04:27
for decision-making
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ืžืžื™ืฉื”ื• ืฉื™ื•ื“ืข ืžืฉื”ื•, ื›ืœื•ืžืจ ื”ืจื•ืคื,
04:28
from somebody who knows something -- namely, the doctor --
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ืœืžื™ืฉื”ื• ืฉืœื ื™ื•ื“ืข ืฉื•ื ื“ื‘ืจ ื•ืงืจื•ื‘ ืœื•ื•ื“ืื™ ื’ื ื—ื•ืœื”,
04:31
to somebody who knows nothing and is almost certainly sick
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04:33
and thus, not in the best shape to be making decisions --
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ื•ืœื›ืŸ ืื™ื ื ื• ื‘ืžืฆื‘ ื”ืžื™ื˜ื‘ื™ ืœืงื‘ืœืช ื”ื—ืœื˜ื•ืช, ื›ืœื•ืžืจ ื”ืžื˜ื•ืคืœ.
04:36
namely, the patient.
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04:37
There's enormous marketing of prescription drugs
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ื™ืฉ ืฉื™ื•ื•ืง ื ืจื—ื‘ ืฉืœ ืชืจื•ืคื•ืช ืžืจืฉื ืœืื ืฉื™ื ื›ืžื•ื›ื ื•ื›ืžื•ื ื™,
04:40
to people like you and me,
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04:42
which, if you think about it, makes no sense at all,
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ืฉืื ื—ื•ืฉื‘ื™ื ืขืœ ื–ื”, ื”ื•ื ืœื’ืžืจื™ ืœื ื”ื’ื™ื•ื ื™
ื›ื™ ืื ื• ืœื ื™ื›ื•ืœื™ื ืœืงื ื•ืช ืื•ืชืŸ.
04:44
since we can't buy them.
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04:45
Why do they market to us if we can't buy them?
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ืœืžื” ืžืฉื•ื•ืงื™ื ืœื ื• ืื ืื™ื ื ื• ื™ื›ื•ืœื™ื ืœืงื ื•ืช ืื•ืชืŸ?
04:48
The answer is that they expect us to call our doctors the next morning
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ื”ืชืฉื•ื‘ื” ื”ื™ื ืฉื”ื ืžืฆืคื™ื ืžืื™ืชื ื• ืœื”ืชืงืฉืจ ืœืจื•ืคืื™ื ืฉืœื ื• ื‘ื‘ื•ืงืจ
ื•ืœื‘ืงืฉ ืฉื™ืฉื ื• ืœื ื• ืืช ื”ืžืจืฉื.
04:52
and ask for our prescriptions to be changed.
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04:55
Something as dramatic as our identity
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ื“ื‘ืจ ื“ืจืžื˜ื™ ื›ืžื• ื”ื–ื”ื•ืช ืฉืœื ื•
04:59
has now become a matter of choice,
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ื”ืคืš ื›ืขืช ืœืขื ื™ื™ืŸ ืฉืœ ื‘ื—ื™ืจื”,
05:02
as this slide is meant to indicate.
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ื›ืคื™ ืฉื”ืฉืงื•ืคื™ืช ื”ื–ืืช ื ื•ืขื“ื” ืœื”ืจืื•ืช.
"ืœื ื ืœื—ืฅ ืขืœ ื”ื™ืœื“ื™ื. ื‘ื‘ื•ื ื”ื–ืžืŸ ื”ื ื™ื‘ื—ืจื• ืžื’ื“ืจ."
05:05
We don't inherit an identity; we get to invent it.
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ืื ื• ืœื ื™ื•ืจืฉื™ื ื–ื”ื•ืช; ื–ื›ื•ืชื ื• ืœื”ืžืฆื™ื ืื•ืชื”.
05:08
And we get to reinvent ourselves as often as we like.
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ื•ื–ื›ื•ืชื ื• ืœื”ืžืฆื™ื ืืช ืขืฆืžื ื• ืžื—ื“ืฉ ื›ื›ืœ ืฉื ืจืฆื”.
05:12
And that means that every day, when you wake up in the morning,
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ื•ื–ื” ืื•ืžืจ ืฉื‘ื›ืœ ื™ื•ื ื›ืฉืืชื ืงืžื™ื ื‘ื‘ื•ืงืจ,
ืืชื ื—ื™ื™ื‘ื™ื ืœื”ื—ืœื™ื˜ ืื™ื–ื” ืื“ื ืืชื ืจื•ืฆื™ื ืœื”ื™ื•ืช.
05:15
you have to decide what kind of person you want to be.
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05:18
With respect to marriage and family:
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ื‘ื ื•ื’ืข ืœื ื™ืฉื•ืื™ืŸ ื•ืžืฉืคื—ื”,
05:22
there was a time when the default assumption that almost everyone had
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ืคืขื, ื”ื ื—ืช ื‘ืจื™ืจืช ื”ืžื—ื“ืœ ื”ืจื•ื•ื—ืช ื›ืžืขื˜ ืฉืœ ื›ื•ืœื
05:27
is that you got married as soon as you could,
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ื”ื™ืชื” ืœื”ืชื—ืชืŸ ืžื•ืงื“ื ื›ื›ืœ ืฉืชื•ื›ืœ,
05:29
and then you started having kids as soon as you could.
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ื•ืื– ืœื”ืชื—ื™ืœ ืœื”ื‘ื™ื ื™ืœื“ื™ื ืœืขื•ืœื ืžื•ืงื“ื ื›ื›ืœ ื”ืืคืฉืจ.
05:32
The only real choice was who,
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ื”ื‘ืจื™ืจื” ื”ืืžื™ืชื™ืช ื”ื™ื—ื™ื“ื” ื”ื™ืชื” ืขื ืžื™ -
05:34
not when, and not what you did after.
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ืœื ืžืชื™, ื•ืœื ืžื” ืขืฉื™ืช ืื—ืจ ื›ืš.
05:38
Nowadays, everything is very much up for grabs.
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ื”ื™ื•ื, ื”ื›ืœ ืคื—ื•ืช ืื• ื™ื•ืชืจ ื ืชื•ืŸ ืœื‘ื—ื™ืจื”.
05:41
I teach wonderfully intelligent students,
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ืื ื™ ืžืœืžื“ ืกื˜ื•ื“ื ื˜ื™ื ื ืคืœืื™ื ื•ื ื‘ื•ื ื™ื,
05:43
and I assign 20 percent less work than I used to.
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ื•ืื ื™ ื ื•ืชืŸ 20% ืคื—ื•ืช ืฉื™ืขื•ืจื™-ื‘ื™ืช ืžืžื” ืฉื”ื™ื™ืชื™ ื ื•ืชืŸ ื‘ืขื‘ืจ.
05:47
And it's not because they're less smart,
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ื•ื–ื” ืœื ืžืคื ื™ ืฉื”ื ืคื—ื•ืช ื—ื›ืžื™ื,
05:50
and it's not because they're less diligent.
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ื•ื–ื” ืœื ืžืคื ื™ ืฉื”ื ืคื—ื•ืช ื—ืจื•ืฆื™ื.
05:52
It's because they are preoccupied, asking themselves,
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ื–ื” ืžืคื ื™ ืฉื”ื ื˜ืจื•ื“ื™ื ื‘ืžื—ืฉื‘ื•ืช, ืฉื•ืืœื™ื ืืช ืขืฆืžื,
05:55
"Should I get married or not? Should I get married now?
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"ืœื”ืชื—ืชืŸ ืื• ืœื? ืœื”ืชื—ืชืŸ ืขื›ืฉื™ื•? ืœื”ืชื—ืชืŸ ื™ื•ืชืจ ืžืื•ื—ืจ?
05:58
Should I get married later?
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05:59
Should I have kids first or a career first?"
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"ื™ืœื“ื™ื ืงื•ื“ื ืื• ืงืจื™ื™ืจื” ืงื•ื“ื?"
06:02
All of these are consuming questions.
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ื›ืœ ืืœื” ื”ืŸ ืฉืืœื•ืช ืžืชื™ืฉื•ืช.
06:05
And they're going to answer these questions,
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ื•ื”ื ื™ืขื ื• ืขืœ ื”ืฉืืœื•ืช ื”ืืœื”,
06:07
whether or not it means not doing all the work I assign
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ื’ื ืื ืœื ื™ื‘ืฆืขื• ืืช ื›ืœ ืฉื™ืขื•ืจื™ ื”ื‘ื™ืช
06:09
and not getting a good grade in my courses.
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ื•ืœื ื™ืงื‘ืœื• ืฆื™ื•ืŸ ื˜ื•ื‘ ื‘ืงื•ืจืกื™ื ืฉืœื™.
06:11
And indeed they should.
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ื•ื‘ืืžืช ื›ื“ืื™ ืฉื™ืขื ื•. ืืœื” ืฉืืœื•ืช ื—ืฉื•ื‘ื•ืช.
06:13
These are important questions to answer.
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06:16
Work.
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ืขื‘ื•ื“ื”:
06:18
We are blessed, as Carl was pointing out,
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ื”ืชื‘ืจื›ื ื•, ื›ืคื™ ืฉืงืจืœ ืฆื™ื™ืŸ,
06:20
with the technology that enables us to work every minute of every day
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ื‘ื˜ื›ื ื•ืœื•ื’ื™ื” ืฉืžืืคืฉืจืช ืœื ื• ืœืขื‘ื•ื“ ื‘ื›ืœ ื“ืงื” ื•ื“ืงื”,
ื‘ื›ืœ ื™ื•ื ื•ืžื›ืœ ืžืงื•ื ืขืœื™ ืื“ืžื•ืช --
06:26
from any place on the planet --
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06:28
except the Randolph Hotel.
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ื—ื•ืฅ ืžืืฉืจ ื‘ืžืœื•ืŸ "ืจื ื“ื•ืœืฃ".
06:30
(Laughter)
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(ืฆื—ื•ืง)
06:33
(Applause)
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(ืžื—ื™ืื•ืช ื›ืคื™ื™ื)
06:35
There is one corner, by the way,
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ื™ืฉ ืฉื ืคื™ื ื” ืื—ืช, ื“ืจืš ืื’ื‘,
06:38
that I'm not going to tell anybody about, where the WiFi actually works.
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ืฉืื ื™ ืœื ื”ื•ืœืš ืœื’ืœื•ืช ืœืืฃ ืื—ื“, ื•ืฉื‘ื” ื”ืจืฉืช ื”ืืœื—ื•ื˜ื™ืช ืขื•ื‘ื“ืช.
06:42
I'm not telling you about it, because I want to use it.
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ืื ื™ ืœื ืžื’ืœื” ืœื›ื ื›ื™ ืื ื™ ืจื•ืฆื” ืœื”ืžืฉื™ืš ืœื”ืฉืชืžืฉ ื‘ื”.
06:45
So what this means,
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ืื– ื”ืžืฉืžืขื•ืช ืฉืœ ื–ื”,
06:46
this incredible freedom of choice we have with respect to work,
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ื—ื•ืคืฉ ื”ื‘ื—ื™ืจื” ื”ื‘ืœืชื™-ื™ืื•ืžืŸ ืฉื™ืฉ ืœื ื• ื‘ื ื•ื’ืข ืœืขื‘ื•ื“ื”,
06:49
is that we have to make a decision,
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ื”ื™ื ืฉืขืœื™ื ื• ืœื‘ื—ื•ืจ ืฉื•ื‘ ื•ืฉื•ื‘ ื•ืฉื•ื‘,
06:51
again and again and again,
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06:53
about whether we should or shouldn't be working.
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ื”ืื ืœืขื‘ื•ื“ ืื• ืœื.
06:56
We can go to watch our kid play soccer,
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ืื ื—ื ื• ื™ื›ื•ืœื™ื ืœืœื›ืช ืœืฆืคื•ืช ื‘ื™ืœื“ ืฉืœื ื• ืžืฉื—ืง ื›ื“ื•ืจื’ืœ,
06:58
and we have our cell phone on one hip and our Blackberry on our other hip,
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ื•ื™ืฉ ืœื ื• ืืช ื”ื˜ืœืคื•ืŸ ื”ืกืœื•ืœืจื™ ืขืœ ื™ืจืš ืื—ืช,
ื•ืืช ื”ื‘ืœืืงื‘ืจื™ ืขืœ ื”ืžื•ืชืŸ ื”ืฉื ื™,
07:02
and our laptop, presumably, on our laps.
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ื•ืืช ื”ืžื—ืฉื‘ ื”ื ื™ื™ื“ ืฉืœื ื• ืขืœ ื”ื™ืจื›ื™ื™ื.
07:05
And even if they're all shut off,
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ื•ืืคื™ืœื• ืื ื”ื ื›ื•ืœื ื›ื‘ื•ื™ื™ื,
07:07
every minute that we're watching our kid mutilate a soccer game,
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ื‘ื›ืœ ื“ืงื” ืฉืื ื—ื ื• ืฆื•ืคื™ื ื‘ื™ืœื“ ืฉืœื ื• ื”ื•ืจืก ืžืฉื—ืง ื›ื“ื•ืจื’ืœ,
07:10
we are also asking ourselves,
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ืื ื• ื’ื ืฉื•ืืœื™ื ืืช ืขืฆืžื ื•,
07:12
"Should I answer this cell phone call?
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"ื”ืื ื›ื“ืื™ ืœืขื ื•ืช ืœืฉื™ื—ื” ื‘ืกืœื•ืœืจื™?
07:14
Should I respond to this email? Should I draft this letter?"
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"ื”ืื ืœืขื ื•ืช ืœื“ื•ื"ืœ ื”ื–ื”? ื”ืื ืœื ืกื— ืืช ื”ืžื›ืชื‘ ื”ื–ื”?"
07:17
And even if the answer to the question is "no,"
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ื•ื’ื ืื ื”ืชืฉื•ื‘ื” ืœืฉืืœื” ื”ื™ื "ืœื",
07:20
it's certainly going to make the experience of your kid's soccer game
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ื–ื” ื‘ื˜ื•ื— ื™ื’ืจื•ื ืœื—ื•ื•ื™ื™ืช ื”ืฆืคื™ื™ื” ื‘ื™ืœื“ ืฉืœื›ื ืžืฉื—ืง ื›ื“ื•ืจื’ืœ
07:23
very different than it would've been.
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ืœื”ื™ื•ืช ืฉื•ื ื” ืžืื•ื“ ืžืžื” ืฉื”ื™ืชื” ืืžื•ืจื” ืœื”ื™ื•ืช.
07:25
So everywhere we look,
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ืื– ื‘ื›ืœ ืžืงื•ื ืืœื™ื• ืื ื• ืžืกืชื›ืœื™ื,
07:27
big things and small things, material things and lifestyle things,
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ื“ื‘ืจื™ื ื’ื“ื•ืœื™ื ื•ื“ื‘ืจื™ื ืงื˜ื ื™ื, ื“ื‘ืจื™ื ื—ื•ืžืจื™ื™ื ื•ื“ื‘ืจื™ื ืฉืœ ืกื’ื ื•ืŸ ื—ื™ื™ื,
07:31
life is a matter of choice.
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ื”ื—ื™ื™ื ื”ื ืขื ื™ื™ืŸ ืฉืœ ื‘ื—ื™ืจื”.
07:34
And the world we used to live in looked like this.
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ื•ื”ืขื•ืœื ืฉื—ื™ื™ื ื• ื‘ื• ื”ื™ื” ื ืจืื” ื›ืš.
-"ืœืžืขืฉื”, ื–ื” ื‘ื”ื—ืœื˜ ื—ืงื•ืง ื‘ืื‘ืŸ."-
07:38
[Well, actually, they are written in stone.]
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07:40
That is to say, there were some choices,
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ื›ืœื•ืžืจ, ื”ื™ื• ื›ืžื” ื‘ืจื™ืจื•ืช, ืื‘ืœ ืœื ื”ื›ืœ ื”ื™ื” ื ืชื•ืŸ ืœื‘ื—ื™ืจื”.
07:42
but not everything was a matter of choice.
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ื•ื”ืขื•ืœื ืฉืื ื—ื ื• ื—ื™ื™ื ื‘ื• ืขื›ืฉื™ื• ื ืจืื” ื›ืš.
07:44
The world we now live in looks like this.
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07:46
[The Ten Commandments Do-It-Yourself Kit]
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-"ืขืฉืจืช ื”ื“ื™ื‘ืจื•ืช: ืขืฉื”-ื–ืืช-ื‘ืขืฆืžืš"-
ื•ื”ืฉืืœื” ื”ื™ื: ื”ืื ืืœื” ื‘ืฉื•ืจื•ืช ื˜ื•ื‘ื•ืช ืื• ืจืขื•ืช?
07:48
And the question is: Is this good news or bad news?
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07:53
And the answer is "yes."
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ื•ื”ืชืฉื•ื‘ื” ื”ื™ื "ื›ืŸ".
07:56
(Laughter)
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(ืฆื—ื•ืง)
07:58
We all know what's good about it,
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ื›ื•ืœื ื• ื™ื•ื“ืขื™ื ืžื” ื˜ื•ื‘ ื‘ื–ื”,
08:00
so I'm going to talk about what's bad about it.
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ืื– ืื ื™ ืื“ื‘ืจ ืขืœ ืžื” ืฉืจืข ื‘ื–ื”.
08:03
All of this choice has two effects,
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ืœื›ืœ ื—ื•ืคืฉ ื”ื‘ื—ื™ืจื” ื”ื–ื” ื™ืฉ ืฉืชื™ ืชื•ืฆืื•ืช,
08:06
two negative effects on people.
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ืฉืชื™ ืชื•ืฆืื•ืช ืฉืœื™ืœื™ื•ืช ืžื‘ื—ื™ื ืช ื‘ื ื™ ื”ืื“ื.
08:09
One effect, paradoxically,
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ืชื•ืฆืื” ืื—ืช, ื‘ืื•ืคืŸ ืคืจื“ื•ืงืกืœื™,
08:11
is that it produces paralysis rather than liberation.
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ื”ื™ื ืฉื”ื—ื•ืคืฉ ื™ื•ืฆืจ ืฉื™ืชื•ืง ื‘ืžืงื•ื ืฉื—ืจื•ืจ.
08:15
With so many options to choose from,
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ืขื ื›ืœ ื›ืš ื”ืจื‘ื” ืืคืฉืจื•ื™ื•ืช ืœื‘ื—ื•ืจ ืžืชื•ื›ืŸ,
08:18
people find it very difficult to choose at all.
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ืœืื ืฉื™ื ืงืฉื” ืœื‘ื—ื•ืจ ื‘ื›ืœืœ.
08:22
I'll give you one very dramatic example of this,
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ืืชืŸ ืœื›ื ื“ื•ื’ืžื” ืžืจืฉื™ืžื” ืœื›ืš.
ื ืขืจืš ืžื—ืงืจ ืขืœ ื”ืฉืงืขื•ืช ืžืจืฆื•ืŸ ื‘ืชื•ื›ื ื™ื•ืช ืคื ืกื™ื”.
08:25
a study that was done of investments in voluntary retirement plans.
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08:31
A colleague of mine got access to investment records from Vanguard,
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ืขืžื™ืชื” ืฉืœื™ ืงื™ื‘ืœื” ื’ื™ืฉื” ืœืจืฉื•ืžื•ืช ื”ื”ืฉืงืขื” ืž"ื•ื•ืื ื’ืืจื“",
08:36
the gigantic mutual fund company,
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ื—ื‘ืจืช ืงืจื ื•ืช ื”ื ืืžื ื•ืช ื”ืขื ืงื™ืช
08:38
of about a million employees and about 2,000 different workplaces.
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ืฉืœ ื›ืžื™ืœื™ื•ืŸ ืขื•ื‘ื“ื™ื ื•ื›ืืœืคื™ื™ื ืžืงื•ืžื•ืช ืขื‘ื•ื“ื” ืฉื•ื ื™ื.
08:42
What she found is that for every 10 mutual funds the employer offered,
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ื•ื”ื™ื ื’ื™ืœืชื”
ืฉืขืœ ื›ืœ ืขืฉืจ ืงืจื ื•ืช ื ืืžื ื•ืช ืฉื”ืžืขื‘ื™ื“ ื”ืฆื™ืข,
08:47
rate of participation went down two percent.
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ืฉื™ืขื•ืจ ื”ื”ืฉืชืชืคื•ืช ื™ืจื“ ื‘ืฉื ื™ ืื—ื•ื–ื™ื.
08:52
You offer 50 funds -- 10 percent fewer employees participate
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ืืชื ืžืฆื™ืขื™ื 50 ืงืจื ื•ืช -- 10% ืคื—ื•ืช ืขื•ื‘ื“ื™ื ืžืฉืชืชืคื™ื
08:56
than if you only offer five.
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ืžืืฉืจ ืื ื ืฆื™ืข ื—ืžืฉ.
08:59
Why?
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ืžื“ื•ืข?
09:00
Because with 50 funds to choose from,
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ื›ื™ ื›ืืฉืจ ื™ืฉ ืžื’ื•ื•ืŸ ืฉืœ 50 ืงืจื ื•ืช,
09:02
it's so damn hard to decide which fund to choose,
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ืงืฉื” ืžืื•ื“ ืœื”ื—ืœื™ื˜ ื‘ืื™ื–ื• ืงืจืŸ ืœื‘ื—ื•ืจ ืื– ืคืฉื•ื˜ ื“ื•ื—ื™ื ืืช ื–ื” ืœืžื—ืจืช.
09:06
that you'll just put it off till tomorrow,
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09:08
and then tomorrow
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ื•ืื– ืœืžื—ืจืช, ื•ืื– ืœืžื—ืจืช,
09:09
and then tomorrow and tomorrow,
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ื•ืœืžื—ืจืช ื•ืœืžื—ืจืช,
09:11
and, of course, tomorrow never comes.
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ื•ื›ืžื•ื‘ืŸ, "ืœืžื—ืจืช" ืœืขื•ืœื ืœื ืžื’ื™ืข.
09:13
Understand that not only does this mean
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ื•ืชื‘ื™ื ื•, ื”ืžืฉืžืขื•ืช ื”ื™ื ืฉืœื ืจืง
09:15
that people are going to have to eat dog food when they retire
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ืฉืœืื ืฉื™ื ืœื ื™ื”ื™ื” ืžืžื” ืœื”ืชืงื™ื™ื ื›ืฉื”ื ื™ืคืจืฉื• ืœื’ืžืœืื•ืช
09:18
because they don't have enough money put away,
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ื›ื™ ื”ื ืœื ื—ื•ืกื›ื™ื ืžืกืคื™ืง ื›ืกืฃ,
09:20
it also means that making the decision is so hard
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ื–ื” ื’ื ืื•ืžืจ ,ืฉืงื‘ืœืช ื”ื”ื—ืœื˜ื” ื›ืœ ื›ืš ืงืฉื”
09:23
that they pass up significant matching money from the employer.
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ืฉื”ื ืžื•ื•ืชืจื™ื ืขืœ ืกื›ื•ื ื›ืกืฃ ื ื™ื›ืจ ื•ืฉื•ื•ื” ืฉื™ื™ืชืŸ ื”ืžืขื‘ื™ื“.
09:27
By not participating, they are passing up as much as 5,000 dollars a year
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ื‘ื›ืš ืฉืื™ื ื ืžืฉืชืชืคื™ื, ื”ื ืžื•ื•ืชืจื™ื ืขืœ ืขื“ 5,000 ื“ื•ืœืจ ื‘ืฉื ื”
09:31
from the employer,
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ืžื”ืžืขื‘ื™ื“,
09:32
who would happily match their contribution.
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ืฉื”ื™ื” ืฉืžื— ืœื”ืฉื•ื•ืช ืืช ืกื›ื•ื ื”ื”ืฉืงืขื” ืฉืœื”ื.
09:35
So paralysis is a consequence of having too many choices.
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ืื– ืฉื™ืชื•ืง ื”ื•ื ืชื•ืฆืื” ืฉืœ ื™ื•ืชืจ ืžื“ื™ ื‘ืจื™ืจื•ืช.
09:38
And I think it makes the world look like this.
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ื•ืื ื™ ื—ื•ืฉื‘ ืฉื”ื•ื ื’ื•ืจื ืœืขื•ืœื ืœื”ืจืื•ืช ื›ืš.
09:41
[And lastly, for all eternity, French, bleu cheese or ranch?]
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-"ื•ืœื‘ืกื•ืฃ, ืœื ืฆื— ื ืฆื—ื™ื, ืขืœ ืื™ื–ื” ืจื•ื˜ื‘ ืืชื” ืžื—ืœื™ื˜?"-
09:45
(Laughter)
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(ืฆื—ื•ืง)
09:48
You really want to get the decision right if it's for all eternity, right?
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ื›ื“ืื™ ืžืื•ื“ ืœื‘ื—ื•ืจ ื ื›ื•ืŸ ืื ื”ื”ื—ืœื˜ื” ื”ื™ื ืœื ืฆื— ื ืฆื—ื™ื, ื ื›ื•ืŸ?
ืœื ื›ื“ืื™ ืœื‘ื—ื•ืจ ืืช ืงืจืŸ ื”ื ืืžื ื•ืช ื”ืœื ื ื›ื•ื ื” ืื• ืืคื™ืœื• ืืช ืจื•ื˜ื‘ ื”ืกืœื˜ ื”ืœื ื ื›ื•ืŸ.
09:52
You don't want to pick the wrong mutual fund or wrong salad dressing.
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09:55
So that's one effect.
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ืื– ื–ืืช ืชื•ืฆืื” ืื—ืช.
09:56
The second effect is that, even if we manage to overcome the paralysis
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ื”ืชื•ืฆืื” ื”ืฉื ื™ื™ื” ื”ื™ื
ืฉื’ื ืื ืื ื—ื ื• ืžืฆืœื™ื—ื™ื ืœื”ืชื’ื‘ืจ ืขืœ ื”ืฉื™ืชื•ืง ื•ื‘ื•ื—ืจื™ื,
10:01
and make a choice,
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10:03
we end up less satisfied with the result of the choice
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ื‘ืกื•ืคื• ืฉืœ ื“ื‘ืจ, ืื ื• ืคื—ื•ืช ืžืจื•ืฆื™ื ืžืชื•ืฆืื•ืช ื”ื‘ื—ื™ืจื”
10:07
than we would be if we had fewer options to choose from.
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ืžืืฉืจ ืื ื”ื™ื• ืœื ื• ืคื—ื•ืช ืืคืฉืจื•ื™ื•ืช ืœื‘ื—ื•ืจ ืžืชื•ื›ืŸ.
10:10
And there are several reasons for this.
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ื•ื™ืฉ ืœื›ืš ืžืกืคืจ ืกื™ื‘ื•ืช.
10:13
One of them is, with a lot of different salad dressings to choose from,
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ืื—ืช ืžื”ืŸ
ื”ื™ื ืฉืขื ื›ืœ ื›ืš ื”ืจื‘ื” ืจื˜ื‘ื™ื ืœื‘ื—ื•ืจ ืžื‘ื™ื ื™ื”ื,
10:17
if you buy one and it's not perfect -- and what salad dressing is? --
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ืื ืงื•ื ื™ื ืื—ื“ ื•ื”ื•ื ืœื ืžื•ืฉืœื - ื•ืื™ื–ื” ืจื•ื˜ื‘ ื›ืŸ ืžื•ืฉืœื? -
10:20
it's easy to imagine that you could've made a different choice
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ืงืœ ืœื“ืžื™ื™ืŸ ืฉื”ื™ื™ืชื ื‘ื•ื—ืจื™ื ื‘ื—ื™ืจื” ืื—ืจืช ื˜ื•ื‘ื” ื”ืจื‘ื” ื™ื•ืชืจ.
10:23
that would've been better.
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10:25
And what happens is,
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ื•ืžื” ืฉืงื•ืจื” ื”ื•ื
10:27
this imagined alternative induces you to regret the decision you made,
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ืฉื”ื—ืœื•ืคื” ื”ื“ืžื™ื•ื ื™ืช ื”ื–ืืช ื’ื•ืจืžืช ืœื›ื ืœื”ืชื—ืจื˜ ืขืœ ื”ื”ื—ืœื˜ื” ืฉืงื™ื‘ืœืชื,
10:32
and this regret subtracts from the satisfaction you get
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ื•ื”ื—ืจื˜ื” ื”ื–ื• ืžืคื—ื™ืชื” ืžื”ืกื™ืคื•ืง ืฉืืชื ืฉื•ืื‘ื™ื ืžื”ื”ื—ืœื˜ื” ืฉืงื™ื‘ืœืชื,
10:35
out of the decision you made,
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ืืคื™ืœื• ืื ื–ืืช ื”ื™ืชื” ื”ื—ืœื˜ื” ื˜ื•ื‘ื”.
10:36
even if it was a good decision.
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10:38
The more options there are, the easier it is to regret anything at all
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ื›ื›ืœ ืฉื™ืฉ ื™ื•ืชืจ ืืคืฉืจื•ื™ื•ืช ื›ืš ื™ื•ืชืจ ืงืœ ืœื”ืชื—ืจื˜
ืขืœ ื”ื“ื‘ืจ ื”ืžืื›ื–ื‘ ื”ืงื˜ืŸ ื‘ื™ื•ืชืจ ื‘ืืคืฉืจื•ืช ืฉื‘ื—ืจืชื.
10:42
that is disappointing about the option that you chose.
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10:45
Second, what economists call "opportunity costs."
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ื”ืกื™ื‘ื” ื”ืฉื ื™ื” ื”ื™ื ืžื” ืฉื›ืœื›ืœื ื™ื ืžื›ื ื™ื "ืขืœื•ืช ืืœื˜ืจื ื˜ื™ื‘ื™ืช".
10:48
Dan Gilbert made a big point this morning
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ื“ืŸ ื’ื™ืœื‘ืจื˜ ืชื™ืืจ ื”ื‘ื•ืงืจ
10:50
of talking about how much the way in which we value things
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ืขื“ ื›ืžื” ื”ืื•ืคืŸ ืฉื‘ื• ืื ื• ืžืขืจื™ื›ื™ื ื“ื‘ืจื™ื ืชืœื•ื™ ื‘ื“ื‘ืจื™ื ืืœื™ื”ื ืื ื• ืžืฉื•ื•ื™ื ืื•ืชื.
10:55
depends on what we compare them to.
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10:57
Well, when there are lots of alternatives to consider,
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ื•ื‘ื›ืŸ, ื›ืฉืืชื ืฆืจื™ื›ื™ื ืœื‘ื—ื•ืจ ืžื‘ื™ืŸ ื—ืœื•ืคื•ืช ืจื‘ื•ืช,
11:01
it's easy to imagine the attractive features of alternatives that you reject
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ืงืœ ืœื“ืžื™ื™ืŸ ืืช ื”ืชื›ื•ื ื•ืช ื”ืžื•ืฉื›ื•ืช ืฉืœ ื”ื—ืœื•ืคื•ืช ืฉืืชื ืคื•ืกืœื™ื,
11:07
that make you less satisfied with the alternative that you've chosen.
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ื•ื–ื” ื’ื•ืจื ืœื›ื ืœื”ื™ื•ืช ืคื—ื•ืช ืžืจื•ืฆื™ื ืžื”ื—ืœื•ืคื” ื‘ื” ื‘ื—ืจืชื.
11:11
Here's an example.
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ื”ื ื” ื“ื•ื’ืžื”.
11:12
[I can't stop thinking about those other available parking spaces on W 85th Street]
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-"ืื ื™ ืœื ืžืคืกื™ืง ืœื—ืฉื•ื‘ ืขืœ ืฉืืจ ืžืงื•ืžื•ืช ื”ื—ื ื™ื” ื”ืคื ื•ื™ื™ื ื‘ืจื—' 85 ืžืขืจื‘"-
11:16
If you're not a New Yorker, I apologize.
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ืื ื™ ืžืชื ืฆืœ ื‘ืคื ื™ ืืœื” ืžื›ื ืฉืื™ื ื ืžื ื™ื•-ื™ื•ืจืง.
ื”ื ื” ื”ื”ืกื‘ืจ ืœืชืžื•ื ื”:
11:18
Here's what you're supposed to be thinking.
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ื–ื” ื–ื•ื’ ื‘ื”ืืžืคื˜ื•ื ืก, ื ื“ืœ"ืŸ ื™ื•ืงืจืชื™ ื‘ื™ื•ืชืจ,
11:20
Here's this couple on the Hamptons. Very expensive real estate.
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11:23
Gorgeous beach. Beautiful day. They have it all to themselves.
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ื—ื•ืฃ ื ื”ื“ืจ. ื™ื•ื ืžืงืกื™ื. ื”ื ื”ื™ื—ื™ื“ื™ื ื‘ื—ื•ืฃ.
11:26
What could be better?
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ืžื” ื™ื›ื•ืœ ืœื”ื™ื•ืช ื˜ื•ื‘ ื™ื•ืชืจ? "ืœืขื–ืื–ืœ," ื”ืื™ืฉ ื—ื•ืฉื‘,
11:28
"Damn it," this guy is thinking,
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11:29
"It's August. Everybody in my Manhattan neighborhood is away.
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"ืขื›ืฉื™ื• ืื•ื’ื•ืกื˜. ื›ื•ืœื ื‘ืฉื›ื•ื ื” ืฉืœื™ ื‘ืžื ื”ื˜ืŸ ื ืกืขื• ืžื—ื•ืฅ ืœืขื™ืจ.
11:33
I could be parking right in front of my building."
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"ื™ื›ื•ืœืชื™ ืœื—ื ื•ืช ืžืžืฉ ืžื•ืœ ื”ื‘ื ื™ื™ืŸ ืฉืœื™."
11:37
And he spends two weeks nagged by the idea
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ื•ื‘ืžืฉืš ืฉื‘ื•ืขื™ื™ื ื”ื•ื ืžื•ื˜ืจื“ ืžื”ืจืขื™ื•ืŸ
11:41
that he is missing the opportunity, day after day,
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ืฉื”ื•ื ืžื—ืžื™ืฅ ืืช ื”ื”ื–ื“ืžื ื•ืช, ื™ื•ื ืื—ืจ ื™ื•ื, ืœื—ื ื•ืช ื‘ืžืงื•ื ืžืขื•ืœื”.
11:44
to have a great parking space.
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11:46
(Laughter)
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11:48
Opportunity costs subtract from the satisfaction
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ื”ืขืœื•ืช ื”ืืœื˜ืจื ื˜ื™ื‘ื™ืช ืžืคื—ื™ืชื” ืžื”ืกื™ืคื•ืง ืฉืื ื• ืฉื•ืื‘ื™ื ืžื”ื‘ื—ื™ืจื•ืช ืฉืœื ื•,
11:51
that we get out of what we choose,
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11:52
even when what we choose is terrific.
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ืืคื™ืœื• ืื ืžื” ืฉื‘ื—ืจื ื• ื”ื•ื ืžืฆื•ื™ืŸ.
11:55
And the more options there are to consider,
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ื•ื›ื›ืœ ืฉื™ืฉ ื™ื•ืชืจ ืืคืฉืจื•ื™ื•ืช ืœืฉืงื•ืœ,
11:57
the more attractive features of these options
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ื›ืš ื”ืชื›ื•ื ื•ืช ื”ืงื•ืกืžื•ืช ืฉืœ ืืคืฉืจื•ื™ื•ืช ืืœื” ืชื™ืจืื ื” ืœื ื• ื™ื•ืชืจ ื›ืขืœื•ื™ื•ืช ืืœื˜ืจื ื˜ื™ื‘ื™ื•ืช.
11:59
are going to be reflected by us as opportunity costs.
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12:03
Here's another example.
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ื”ื ื” ืขื•ื“ ื“ื•ื’ืžื”.
12:05
(Laughter)
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(ืฆื—ื•ืง)
12:08
Now, this cartoon makes a lot of points.
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ืขื›ืฉื™ื•, ืœืงืจื™ืงื˜ื•ืจื” ื”ื–ื• ื™ืฉ ื”ืจื‘ื” ืืžื™ืจื•ืช.
12:11
It makes points about living in the moment as well,
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ื™ืฉ ื‘ื” ืืžื™ืจื•ืช ื’ื ืขืœ ืœื—ื™ื•ืช ืืช ื”ืจื’ืข
12:14
and probably about doing things slowly.
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ื•ืขืœ ืœืขืฉื•ืช ื“ื‘ืจื™ื ืœืื˜.
12:16
But one point it makes is that whenever you're choosing one thing,
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ืื‘ืœ ืืžื™ืจื” ืื—ืช ื”ื™ื
ืฉื›ืืฉืจ ืืชื ื‘ื•ื—ืจื™ื ื“ื‘ืจ ืื—ื“, ืืชื ื‘ื•ื—ืจื™ื ืœื ืœืขืฉื•ืช ื“ื‘ืจื™ื ืื—ืจื™ื.
12:19
you're choosing not to do other things,
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12:21
and those other things may have lots of attractive features,
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ืฉืื•ืœื™ ื™ืฉ ืœื”ื ื”ืจื‘ื” ืชื›ื•ื ื•ืช ืžื•ืฉื›ื•ืช
12:24
and it's going to make what you're doing
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ืฉื™ื’ืจืžื• ืœืžื” ืฉืืชื ื›ืŸ ืขื•ืฉื™ื ืœื”ื™ืจืื•ืช ืคื—ื•ืช ืžื•ืฉืš.
12:26
less attractive.
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12:27
Third: escalation of expectations.
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ื“ื‘ืจ ืฉืœื™ืฉื™: ื”ืกืœืžื” ืฉืœ ืฆื™ืคื™ื•ืช.
12:29
This hit me when I went to replace my jeans.
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ื”ื‘ื ืชื™ ืืช ื–ื” ื›ืฉื”ืœื›ืชื™ ืœืงื ื•ืช ื’'ื™ื ืก ื—ื“ืฉื™ื.
12:32
I wear jeans almost all the time.
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ืื ื™ ืœื•ื‘ืฉ ื’'ื™ื ืก ื›ืžืขื˜ ื›ืœ ื”ื–ืžืŸ.
12:34
There was a time when jeans came in one flavor,
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ื•ืคืขื, ื”ื™ื” ืจืง ืกื•ื’ ืื—ื“ ืฉืœ ื’'ื™ื ืก,
ื•ืงื ื™ืช ืื•ืชื•, ื”ื ืžืžืฉ ืœื ื”ืชืื™ืžื•,
12:37
and you bought them, and they fit like crap.
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ื•ื”ื ื”ื™ื• ืœื ื ื•ื—ื™ื ืœื”ืคืœื™ื,
12:39
They were incredibly uncomfortable,
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12:40
and if you wore them long enough and washed them enough times,
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ื•ืื ืœื‘ืฉืชื ืื•ืชื ืžืกืคื™ืง ื–ืžืŸ ื•ื›ื‘ืกืชื ืื•ืชื ืžืกืคื™ืง ืคืขืžื™ื,
ื”ืชื—ืœืช ืœื”ืจื’ื™ืฉ ืฉื”ื ืžืชืื™ืžื™ื.
12:43
they started to feel OK.
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12:45
I went to replace my jeans after years of wearing these old ones.
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ืื– ื”ืœื›ืชื™ ืœื”ื—ืœื™ืฃ ืืช ื”ื’'ื™ื ืก ืฉืœื™ ืื—ืจื™ ืฉื ื™ื ืจื‘ื•ืช ืฉืœื‘ืฉืชื™ ื’'ื™ื ืก ื™ืฉื ื™ื,
12:48
I said, "I want a pair of jeans. Here's my size."
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ื•ืืžืจืชื™, "ืื ื™ ืจื•ืฆื” ื–ื•ื’ ื’'ื™ื ืก, ื”ื ื” ื”ืžื™ื“ื” ืฉืœื™."
12:51
And the shopkeeper said,
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ื•ื”ืžื•ื›ืจ ืืžืจ,
12:52
"Do you want slim fit, easy fit, relaxed fit?
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"ืืชื” ืจื•ืฆื” ื’ื–ืจื” ืจื–ื”, ืงืœื” ืื• ืจืคื•ื™ื”?
12:55
You want button fly or zipper fly? You want stonewashed or acid-washed?
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"ืืชื” ืจื•ืฆื” ืจื™ืฆ'ืจืฅ' ืื• ื›ืคืชื•ืจื™ื? ืืชื” ืจื•ืฆื” ืฆื‘ืข ื“ื”ื•ื™ ืื• ืžื•ืœื‘ืŸ?
12:58
Do you want them distressed?
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"ืืชื” ืจื•ืฆื” ืื•ืชื ืงืจื•ืขื™ื?
12:59
Do you want boot cut, tapered?" Blah, blah, blah on and on he went.
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"ืืชื” ืจื•ืฆื” ื’ื–ืจืช ืžื’ืคื™ื™ื, ื’ื–ืจื” ืžื•ืฆืจืช..." ื”ื•ื ื”ืžืฉื™ืš ืขื•ื“ ื•ืขื•ื“.
ื”ืคื” ืฉืœื™ ื ืคืขืจ.
13:03
My jaw dropped.
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13:04
And after I recovered, I said,
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ื•ืื—ืจื™ ืฉื”ืชืื•ืฉืฉืชื™, ืืžืจืชื™,
13:06
"I want the kind that used to be the only kind."
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"ืื ื™ ืจื•ืฆื” ืืช ื”ืกื•ื’ ืฉื”ื™ื” ื”ื™ื—ื™ื“ ืฉืืคืฉืจ ืœื”ืฉื™ื’."
13:09
(Laughter)
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(ืฆื—ื•ืง)
13:14
He had no idea what that was.
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ืœื ื”ื™ื” ืœื• ืžื•ืฉื’ ืขืœ ืžื” ืื ื™ ืžื“ื‘ืจ,
13:16
(Laughter)
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(ืฆื—ื•ืง)
13:17
So I spent an hour trying on all these damn jeans,
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ืื– ื‘ืžืฉืš ืฉืขื” ื ื™ืกื™ืชื™ ืืช ื›ืœ ื”ื’'ื™ื ืกื™ื ื”ืžืงื•ืœืœื™ื ื”ืืœื”,
13:20
and I walked out of the store -- truth --
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ื•ื™ืฆืืชื™ ืžื”ื—ื ื•ืช - ืืžืช ืœืืžื™ืชื” -
13:22
with the best-fitting jeans I had ever had.
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ืขื ื”ื’'ื™ื ืก ื”ืžืชืื™ืžื™ื ื‘ื™ื•ืชืจ ืฉื”ื™ื• ืœื™ ืื™-ืคืขื.
13:24
I did better.
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ื‘ื—ืจืชื™ ื™ื•ืชืจ ื˜ื•ื‘.
ื›ืœ ื”ื‘ืจื™ืจื•ืช ื”ืืœื” ืื™ืคืฉืจื• ืœื™ ืœื‘ื—ื•ืจ ื™ื•ืชืจ ื˜ื•ื‘.
13:26
All this choice made it possible for me to do better.
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13:29
But --
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ืื‘ืœ --
ื”ืจื’ืฉืชื™ ื’ืจื•ืข ื™ื•ืชืจ.
13:31
I felt worse.
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13:33
Why? I wrote a whole book to try to explain this to myself.
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ืžื“ื•ืข? ื›ืชื‘ืชื™ ืกืคืจ ืฉืœื ื›ื“ื™ ืœื ืกื•ืช ืœื”ืกื‘ื™ืจ ืืช ื–ื” ืœืขืฆืžื™.
13:37
The reason is --
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ื”ืกื™ื‘ื” ื”ื™ื...
13:38
(Laughter)
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(ืฆื—ื•ืง)
13:42
The reason I felt worse is that with all of these options available,
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ื”ืกื™ื‘ื” ืฉื”ืจื’ืฉืชื™ ื’ืจื•ืข ื™ื•ืชืจ ื”ื™ื,
ืฉืœื ื•ื›ื— ื›ืœ ื”ืืคืฉืจื•ื™ื•ืช ื”ืืœื”,
13:47
my expectations about how good a pair of jeans should be went up.
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ืขืœื• ื”ืฆื™ืคื™ื•ืช ืฉืœื™ ืœื’ื‘ื™ ื›ืžื” ื ื•ื— ื–ื•ื’ ื’'ื™ื ืก ืฆืจื™ืš ืœื”ื™ื•ืช.
13:54
I had very low, no particular expectations when they only came in one flavor.
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ื”ื™ื• ืœื™ ืฆื™ืคื™ื•ืช ืžืื•ื“ ื ืžื•ื›ื•ืช. ืœื ื”ื™ื• ืœื™ ืฉื•ื ืฆื™ืคื™ื•ืช ืžื™ื•ื—ื“ื•ืช ื›ืฉื”ื™ื” ืจืง ืกื•ื’ ืื—ื“.
13:58
When they came in 100 flavors, damn it, one of them should've been perfect.
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ื›ืฉื”ื™ื• ืžืื” ืกื•ื’ื™ื, ืœืขื–ืื–ืœ, ืื—ื“ ืžื”ื ืžื•ื›ืจื— ืœื”ื™ื•ืช ืžื•ืฉืœื.
ื•ืžื” ืฉืงื ื™ืชื™ ื”ื™ื” ื˜ื•ื‘, ืื‘ืœ ืœื ืžื•ืฉืœื.
14:02
And what I got was good, but it wasn't perfect.
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14:04
And so I compared what I got to what I expected,
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ื›ืœื•ืžืจ, ื”ืฉื•ื•ื™ืชื™ ืืช ืžื” ืฉืงื™ื‘ืœืชื™ ืœืžื” ืฉืฆื™ืคื™ืชื™,
14:07
and what I got was disappointing in comparison to what I expected.
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ื•ืžื” ืฉืงื™ื‘ืœืชื™ ื”ื™ื” ืžืื›ื–ื‘ ื‘ื”ืฉื•ื•ืื” ืœืžื” ืฉืฆื™ืคื™ืชื™.
14:11
Adding options to people's lives
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ื”ื•ืกืคืช ืืคืฉืจื•ื™ื•ืช ืœื—ื™ื™ ืื ืฉื™ื
14:13
can't help but increase the expectations people have
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ืœื ื™ื›ื•ืœื” ืฉืœื ืœื”ืขืœื•ืช ืืช ืจืžืช ื”ืฆื™ืคื™ื•ืช ืฉืœื”ื
14:16
about how good those options will be.
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ื‘ื™ื—ืก ืœืจืžืช ื”ืืคืฉืจื•ื™ื•ืช ื”ืืœื”...
14:19
And what that's going to produce is less satisfaction with results,
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ื•ื–ื” ืคื•ื’ืข ื‘ืฉื‘ื™ืขื•ืช ื”ืจืฆื•ืŸ ืžื”ืชื•ืฆืื•ืช, ืืคื™ืœื• ื›ืฉื”ืŸ ืชื•ืฆืื•ืช ื˜ื•ื‘ื•ืช.
14:22
even when they're good results.
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14:24
[It all looks so great. I can't wait to be disappointed.]
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ืืฃ ืื—ื“ ื‘ืขื•ืœื ื”ืฉื™ื•ื•ืง ืœื ืžื•ื“ืข ืœื›ืš...
14:26
Nobody in the world of marketing knows this.
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-"ื”ื›ืœ ื ืจืื” ื›ืœ ื›ืš ื ืคืœื. ืื ื™ ื›ื‘ืจ ืžืช ืœื”ืชืื›ื–ื‘."-
14:29
Because if they did, you wouldn't all know what this was about.
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ื›ื™ ืื™ืœื• ื›ืŸ, ืœื ื”ื™ื™ืชื ื™ื•ื“ืขื™ื ืขืœ ืžื” ืžื“ื•ื‘ืจ ืคื”.
14:33
The truth is more like this.
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ื”ืืžืช ื™ื•ืชืจ ื“ื•ืžื” ืœื–ื”.
-"ื”ื›ืœ ื”ื™ื” ื™ื•ืชืจ ื˜ื•ื‘ ืื–, ื›ืฉื”ื›ืœ ื”ื™ื” ื™ื•ืชืจ ื’ืจื•ืข."-
14:36
[Everything was better back when everything was worse.]
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14:39
The reason that everything was better back when everything was worse
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ื”ืกื™ื‘ื” ืฉื”ื›ืœ ื”ื™ื” ื™ื•ืชืจ ื˜ื•ื‘ ื›ืฉื”ื›ืœ ื”ื™ื” ื™ื•ืชืจ ื’ืจื•ืข ื”ื™ื
14:43
is that when everything was worse,
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ืฉื›ืืฉืจ ื”ื›ืœ ื”ื™ื” ื™ื•ืชืจ ื’ืจื•ืข,
14:45
it was actually possible for people
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ืœืื ืฉื™ื ื”ื™ืชื” ืืคืฉืจื•ืช ืžืžืฉื™ืช ืœื—ื•ื•ืช ื”ืคืชืขื” ื ืขื™ืžื”.
14:47
to have experiences that were a pleasant surprise.
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14:50
Nowadays, the world we live in -- we affluent, industrialized citizens,
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ื”ื™ื•ื, ื‘ืขื•ืœื ื‘ื• ืื ื• ื—ื™ื™ื -- ืื ื—ื ื• ืื–ืจื—ื™ื ืืžื™ื“ื™ื, ืžืชื•ืขืฉื™ื,
14:55
with perfection the expectation --
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ืขื ื”ืฆื™ืคื™ื™ื” ืœืฉืœืžื•ืช,
14:57
the best you can ever hope for
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ื”ื˜ื•ื‘ ื‘ื™ื•ืชืจ ืฉืืคืฉืจ ืœืงื•ื•ืช ืœื•
14:59
is that stuff is as good as you expect it to be.
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ื”ื•ื ืฉืžื” ืฉื ืงื‘ืœ ื”ื•ื ื˜ื•ื‘ ื›ืžื• ืฉืฆื™ืคื™ื ื•.
15:01
You will never be pleasantly surprised,
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ืœืขื•ืœื ืœื ืชื•ืคืชืขื• ืœื˜ื•ื‘ื”
15:03
because your expectations, my expectations,
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ืžื›ื™ื•ื•ืŸ ืฉื”ืฆื™ืคื™ื•ืช ืฉืœื›ื ื•ืฉืœื™ ืžืจืงื™ืขื•ืช ืฉื—ืงื™ื.
15:05
have gone through the roof.
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15:07
The secret to happiness -- this is what you all came for --
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ื”ืกื•ื“ ืœืื•ืฉืจ -- ื•ื‘ืฉื‘ื™ืœ ื–ื” ื‘ืืชื --
15:10
the secret to happiness is:
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ื”ืกื•ื“ ืœืื•ืฉืจ
15:13
low expectations.
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ื”ื•ื ืฆื™ืคื™ื•ืช ื ืžื•ื›ื•ืช.
15:15
(Laughter)
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(ืฆื—ื•ืง)
15:18
[You'll do]
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-"ืื ื™ ืžืกืชืคืง ื‘ืš."
15:19
(Applause)
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(ืฆื—ื•ืง ื•ืžื—ื™ืื•ืช ื›ืคื™ื™ื)
15:21
(Laughter)
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15:24
I want to say --
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ืื ื™ ืจื•ืฆื” ืœื•ืžืจ - ืจื’ืข ืื•ื˜ื•ื‘ื™ื•ื’ืจืคื™ ืงื˜ืŸ -
15:25
just a little autobiographical moment --
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15:28
that I actually am married to a wife,
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ืฉืื ื™ ื ืฉื•ื™ ืœืื™ืฉื” ื‘ืืžืช ื ืคืœืื”.
15:31
and she's really quite wonderful.
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15:33
I couldn't have done better.
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ืœื ื”ื™ื™ืชื™ ื™ื›ื•ืœ ืœื‘ื—ื•ืจ ื˜ื•ื‘ ื™ื•ืชืจ. ืœื ื”ืชืคืฉืจืชื™.
15:34
I didn't settle.
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15:36
But settling isn't always such a bad thing.
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ืื‘ืœ ืœื”ืชืคืฉืจ - ื–ื” ืœื ืชืžื™ื“ ื›ื–ื” ื“ื‘ืจ ื ื•ืจื.
15:39
Finally,
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ืœื‘ืกื•ืฃ -
15:41
one consequence of buying a bad-fitting pair of jeans
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ื”ืชื•ืฆืื” ืฉืœ ืงื ื™ื™ืช ื’'ื™ื ืก ืœื ืžืชืื™ืžื™ื ื›ืฉืืคืฉืจ ืœืงื ื•ืช ืจืง ืกื•ื’ ื’'ื™ื ืก ืื—ื“
15:44
when there is only one kind to buy
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15:46
is that when you are dissatisfied and you ask why, who's responsible,
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ื”ื™ื ืฉื›ืืฉืจ ืืชื ืœื ืžืจื•ืฆื™ื ื•ืฉื•ืืœื™ื ืœืžื” ื–ื”,
ืžื™ ืื—ืจืื™?
15:50
the answer is clear: the world is responsible.
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ื”ืชืฉื•ื‘ื” ื‘ืจื•ืจื”: ื”ืขื•ืœื ืื—ืจืื™. ืžื” ื›ื‘ืจ ืืชื ื™ื›ื•ืœื™ื ืœืขืฉื•ืช?
15:52
What could you do?
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15:54
When there are hundreds of different styles of jeans available
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ื›ืฉืืคืฉืจ ืœื‘ื—ื•ืจ ื‘ื™ืŸ ืžืื•ืช ืกื’ื ื•ื ื•ืช ืฉืœ ื’'ื™ื ืก,
15:57
and you buy one that is disappointing
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ื•ืืชื ืงื•ื ื™ื ื–ื•ื’ ืžืื›ื–ื‘,
15:59
and you ask why, who's responsible,
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ื•ืืชื ืฉื•ืืœื™ื ืœืžื”, ืžื™ ืื—ืจืื™?
ื‘ืจื•ืจ ื‘ืื•ืชื” ืžื™ื“ื” ืฉื”ืชืฉื•ื‘ื” ื”ื™ื "ืืชื".
16:02
it is equally clear that the answer to the question is "you."
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16:07
You could have done better.
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ื™ื›ื•ืœืชื ืœื‘ื—ื•ืจ ื˜ื•ื‘ ื™ื•ืชืจ.
16:08
With a hundred different kinds of jeans on display,
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ืขื ืžืื•ืช ืกื•ื’ื™ื ืฉืœ ื’'ื™ื ืก ื‘ื—ื ื•ืช,
16:12
there is no excuse for failure.
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ืื™ืŸ ืชื™ืจื•ืฅ ืœื›ื™ืฉืœื•ืŸ.
16:14
And so when people make decisions,
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ื•ืœื›ืŸ ื›ืฉืื ืฉื™ื ืžืงื‘ืœื™ื ื”ื—ืœื˜ื•ืช,
16:16
and even though the results of the decisions are good,
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ื•ืœืžืจื•ืช ืฉื”ืชื•ืฆืื•ืช ืฉืœ ื”ื”ื—ืœื˜ื•ืช ื˜ื•ื‘ื•ืช ื•ื”ื ืžืื•ื›ื–ื‘ื™ื ืžื”ืŸ,
16:19
they feel disappointed about them;
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16:21
they blame themselves.
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ื”ื ืžืืฉื™ืžื™ื ืืช ืขืฆืžื.
16:23
Clinical depression has exploded in the industrial world
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ื‘ื“ื•ืจ ื”ืื—ืจื•ืŸ ื—ืœื” ืขืœื™ื” ืื“ื™ืจื” ื‘ืฉื™ืขื•ืจ ื”ื“ื™ื›ืื•ืŸ ืงืœื™ื ื™ ื‘ืขื•ืœื ื”ืžืชื•ืขืฉ.
16:26
in the last generation.
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16:28
I believe a significant -- not the only, but a significant -- contributor
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ืื ื™ ืžืืžื™ืŸ ืฉื’ื•ืจื ื ื™ื›ืจ, ืœื ื”ื™ื—ื™ื“, ืื‘ืœ ื ื™ื›ืจ
16:32
to this explosion of depression and also suicide,
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ืœืขืœื™ื™ื” ื”ื–ื• ืฉืœ ื“ื™ื›ืื•ืŸ ื•ืฉืœ ื”ืชืื‘ื“ื•ื™ื•ืช,
16:35
is that people have experiences that are disappointing
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ื”ื•ื ืฉืœืื ืฉื™ื ื™ืฉ ื—ื•ื•ื™ื•ืช ืžืื›ื–ื‘ื•ืช ื›ื™ ื”ืกื˜ื ื“ืจื˜ื™ื ืฉืœื”ื ื›ืœ ื›ืš ื’ื‘ื•ื”ื™ื.
16:38
because their standards are so high,
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16:39
and then when they have to explain these experiences to themselves,
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ื•ืื– ื›ืฉื”ื ืฆืจื™ื›ื™ื ืœื”ืกื‘ื™ืจ ืœืขืฆืžื ืืช ื”ื—ื•ื•ื™ื•ืช ื”ืืœื”,
16:43
they think they're at fault.
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ื”ื ื—ื•ืฉื‘ื™ื ืฉื”ื ืœื ื‘ืกื“ืจ.
16:45
So the net result is that we do better in general, objectively,
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ืื– ื‘ืฉื•ืจื” ื”ืชื—ืชื•ื ื”: ืื•ื‘ื™ื™ืงื˜ื™ื‘ื™ืช, ื™ื•ืชืจ ื˜ื•ื‘ ืœื ื• ื‘ืื•ืคืŸ ื›ืœืœื™,
16:49
and we feel worse.
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ืื‘ืœ ืื ื• ืžืจื’ื™ืฉื™ื ื’ืจื•ืข ื™ื•ืชืจ.
16:51
So let me remind you:
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ืื– ื”ืจืฉื• ืœื™ ืœื”ื–ื›ื™ืจ ืœื›ื.
16:54
this is the official dogma, the one that we all take to be true,
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ื–ื• ื”ื“ื•ึนื’ืžื” ื”ืจืฉืžื™ืช, ืฉื›ื•ืœื ื• ืžืงื‘ืœื™ื ื›ื ื›ื•ื ื”,
16:59
and it's all false.
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ื•ื”ื™ื ืœื’ืžืจื™ ืฉืงืจื™ืช.
17:01
It is not true.
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ื”ื™ื ืœื ื ื›ื•ื ื”.
17:03
There's no question that some choice is better than none.
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ืื™ืŸ ื•ื™ื›ื•ื— ืฉื—ื•ืคืฉ ื‘ื—ื™ืจื” ืžืกื•ื™ื ื˜ื•ื‘ ืžื”ื™ืขื“ืจ ื—ื•ืคืฉ ื‘ื—ื™ืจื”,
17:07
But it doesn't follow from that
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ืื‘ืœ ืœื ื ื•ื‘ืข ืžื›ืš
17:09
that more choice is better than some choice.
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ืฉื™ื•ืชืจ ื—ื•ืคืฉ ื‘ื—ื™ืจื” ื˜ื•ื‘ ื™ื•ืชืจ ืžื—ื•ืคืฉ ื‘ื—ื™ืจื” ืžืกื•ื™ื.
17:12
There's some magical amount. I don't know what it is.
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ื™ืฉื ื” ื›ืžื•ืช ืงืกื ืžื™ื˜ื‘ื™ืช. ืื ื™ ืœื ื™ื•ื“ืข ืžื”ื™.
17:14
I'm pretty confident that we have long since passed the point
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ืื ื™ ื“ื™ ื‘ื˜ื•ื— ืฉืขื‘ืจื ื• ืžื–ืžืŸ ืืช ื”ื ืงื•ื“ื”
17:17
where options improve our welfare.
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ืฉื‘ื” ืžื‘ื—ืจ ื”ืืคืฉืจื•ื™ื•ืช ืžืฉืคืจ ืืช ืื™ื›ื•ืช ื—ื™ื™ื ื•.
17:20
Now, as a policy matter -- I'm almost done --
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ื•ื›ืขื ื™ื™ืŸ ืฉืœ ืžื“ื™ื ื™ื•ืช - ื›ืžืขื˜ ืกื™ื™ืžืชื™ -
17:23
as a policy matter, the thing to think about is this:
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ื›ืขื ื™ื™ืŸ ืฉืœ ืžื“ื™ื ื™ื•ืช, ืฆืจื™ืš ืœื—ืฉื•ื‘ ืขืœ ื”ื“ื‘ืจ ื”ื‘ื.
17:26
what enables all of this choice in industrial societies
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ืžื” ืฉืžืืคืฉืจ ืœื ื• ืืช ื›ืœ ื—ื•ืคืฉ ื”ื‘ื—ื™ืจื” ื”ื–ื” ื‘ื—ื‘ืจื” ื”ืžืชื•ืขืฉืช ื”ื•ื ืฉืคืข ื—ื•ืžืจื™.
17:31
is material affluence.
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17:34
There are lots of places in the world,
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ื™ืฉ ืžืงื•ืžื•ืช ืจื‘ื™ื ื‘ืขื•ืœื, ื•ืฉืžืขื ื• ืขืœ ื—ืœืง ืžื”ื,
17:36
and we have heard about several of them,
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ืฉื”ื‘ืขื™ื” ืฉืœื”ื ื”ื™ื ืœื ื™ื•ืชืจ ืžื“ื™ ื—ื•ืคืฉ ื‘ื—ื™ืจื”,
17:38
where their problem is not that they have too much choice.
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ืืœื ืžืขื˜ ืžื“ื™ ื—ื•ืคืฉ ื‘ื—ื™ืจื”.
17:41
Their problem is they have too little.
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17:42
So the stuff I'm talking about is the peculiar problem
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ื•ืœื›ืŸ ื”ื“ื‘ืจื™ื ืขืœื™ื”ื ืื ื™ ืžื“ื‘ืจ ื”ื ื‘ืขื™ื” ื™ื™ื—ื•ื“ื™ืช
17:46
of modern, affluent, Western societies.
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ืฉืœ ื—ื‘ืจื•ืช ืฉืคืข ืžืขืจื‘ื™ื•ืช ืžื•ื“ืจื ื™ื•ืช.
17:49
And what is so frustrating and infuriating is this:
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ื•ืžื” ืฉื›ืœ ื›ืš ืžืชืกื›ืœ ื•ืžื›ืขื™ืก ื”ื•ื ื–ื”:
17:52
Steve Levitt talked to you yesterday
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ืกื˜ื™ื‘ ืœื•ื•ื™ื˜ ืกื™ืคืจ ืœื›ื ืืชืžื•ืœ
17:54
about how these expensive and difficult-to-install child seats
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ืฉืžื•ืฉื‘ื™ ื”ื™ืœื“ื™ื ื”ื™ืงืจื™ื ื•ื”ืงืฉื™ื ืœื”ืชืงื ื” ื‘ืžื›ื•ื ื™ื•ืช
18:01
don't help.
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ืœื ืžื•ืขื™ืœื™ื.
ื–ื” ื‘ื–ื‘ื•ื– ืฉืœ ื›ืกืฃ.
18:04
It's a waste of money.
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18:05
What I'm telling you is that these expensive, complicated choices --
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ืื ื™ ืื•ืžืจ ืœื›ื
ืฉื”ืืคืฉืจื•ื™ื•ืช ื”ื™ืงืจื•ืช ื•ื”ืžืกื•ื‘ื›ื•ืช ื”ืืœื” -
18:10
it's not simply that they don't help.
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ืœื ืจืง ืฉืœื ืขื•ื–ืจื•ืช,
18:12
They actually hurt.
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ื”ืŸ ืœืžืขืฉื” ืžื–ื™ืงื•ืช.
18:14
They actually make us worse off.
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ื”ืŸ ืžื—ืžื™ืจื•ืช ืืช ืžืฆื‘ื ื•.
18:16
If some of what enables people in our societies
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ืื ื—ืœืง ืžืžื” ืฉืžืืคืฉืจ ืœืื ืฉื™ื ื‘ื—ื‘ืจื•ืช ื”ืžืขืจื‘ื™ื•ืช ืฉืœื ื•
18:20
to make all of the choices we make
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ืืช ืฉืคืข ื”ืืคืฉืจื•ื™ื•ืช ืฉืœื ื•
18:22
were shifted to societies in which people have too few options,
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ื”ื™ื” ืขื•ื‘ืจ ืœื—ื‘ืจื•ืช ื‘ื”ืŸ ื™ืฉ ืœืื ืฉื™ื ืžืขื˜ ืžื“ื™ ืืคืฉืจื•ื™ื•ืช,
18:27
not only would those people's lives be improved,
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ืœื ืจืง ืฉื—ื™ื™ ืื•ืชื ืื ืฉื™ื ื”ื™ื• ืžืฉืชืคืจื™ื,
18:29
but ours would be improved also.
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ืืœื ื’ื ื—ื™ื™ื ื• ื”ื™ื• ืžืฉืชืคืจื™ื.
18:31
This is what economists call a "Pareto-improving move."
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ื–ื” ืžื” ืฉื›ืœื›ืœื ื™ื ืžื›ื ื™ื "ืฉื™ืคื•ืจ ืคืืจื˜ื•".
18:35
Income redistribution will make everyone better off,
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ื—ืœื•ืงื” ืžื—ื•ื“ืฉืช ืฉืœ ื”ื›ื ืกื” ืชื™ื˜ื™ื‘ ืขื ื›ื•ืœื -
18:38
not just poor people,
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ืœื ืจืง ืขื ืขื ื™ื™ื -
18:40
because of how all this excess choice plagues us.
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ืžืคื ื™ ืฉื›ืœ ื”ืขื•ื“ืฃ ื”ื–ื” ื‘ื—ื•ืคืฉ ื”ื‘ื—ื™ืจื” ืžื™ื™ืกืจ ืื•ืชื ื•.
18:43
So to conclude.
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ืื– ืœืกื™ื›ื•ื...
18:44
[You can be anything you want to be -- no limits.]
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-"ืชื•ื›ืœื• ืœื”ื™ื•ืช ื›ืœ ืžื” ืฉืชืจืฆื•. ืื™ืŸ ื’ื‘ื•ืœื•ืช."-
18:47
You're supposed to read this cartoon and, being a sophisticated person, say,
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ืืชื ืืžื•ืจื™ื ืœืงืจื•ื ืืช ื”ืงืจื™ืงื˜ื•ืจื” ื”ื–ืืช, ื•ืžื›ื™ื•ื•ืŸ ืฉืืชื ืื ืฉื™ื ืžืชื•ื—ื›ืžื™ื, ื‘ื˜ื— ืชื’ื™ื“ื•,
18:50
"Ah! What does this fish know? Nothing is possible in this fishbowl."
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"ืื”, ืžื” ื”ื“ื’ ื”ื–ื” ื™ื•ื“ืข?
"ืฉื•ื ื“ื‘ืจ ืœื ืืคืฉืจื™ ื‘ืงืขืจื” ื”ื–ืืช."
18:55
Impoverished imagination, a myopic view of the world --
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ื“ืœื•ืช ื“ืžื™ื•ืŸ, ืจืื™ื™ืช ืขื•ืœื ืงืฆืจืช-ืจื•ืื™ -
18:58
that's the way I read it at first.
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ื–ื” ื”ืื•ืคืŸ ื‘ื• ืื ื™ ืงืจืืชื™ ืืช ื–ื” ื‘ื”ืชื—ืœื”.
19:00
The more I thought about it, however,
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ืื‘ืœ ื›ื›ืœ ืฉื—ืฉื‘ืชื™ ืขืœ ื–ื”,
19:02
the more I came to the view that this fish knows something.
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ื”ื‘ื ืชื™ ืฉื”ื“ื’ ื”ื–ื” ื™ื•ื“ืข ืžืฉื”ื•.
19:06
Because the truth of the matter is,
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ื›ื™ ื”ืืžืช ื”ื™ื,
19:08
if you shatter the fishbowl so that everything is possible,
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ืฉืื ืžื ืคืฆื™ื ืืช ื”ืงืขืจื” ื›ื“ื™ ืฉื”ื›ืœ ื™ื”ื™ื” ืืคืฉืจื™,
19:12
you don't have freedom.
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ืœื ืžืงื‘ืœื™ื ื—ื•ืคืฉ.
19:13
You have paralysis.
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ืžืงื‘ืœื™ื ืฉื™ืชื•ืง.
19:16
If you shatter this fishbowl so that everything is possible,
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ืื ืžื ืคืฆื™ื ืืช ื”ืงืขืจื” ื›ืš ืฉื”ื›ืœ ื”ื•ืคืš ืืคืฉืจื™,
19:19
you decrease satisfaction.
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ืžืคื—ื™ืชื™ื ืืช ืฉื‘ื™ืขื•ืช ื”ืจืฆื•ืŸ.
19:23
You increase paralysis, and you decrease satisfaction.
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ืžื’ื‘ื™ืจื™ื ืฉื™ืชื•ืง ื•ืžืคื—ื™ืชื™ื ืืช ืฉื‘ื™ืขื•ืช ื”ืจืฆื•ืŸ.
19:26
Everybody needs a fishbowl.
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ื›ื•ืœื ืฆืจื™ื›ื™ื ืงืขืจืช ื–ื›ื•ื›ื™ืช.
19:29
This one is almost certainly too limited --
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ื›ืžืขื˜ ื‘ื˜ื•ื— ืฉื”ืงืขืจื” ื”ื–ื• ืžื•ื’ื‘ืœืช ืžื“ื™,
19:31
perhaps even for the fish, certainly for us.
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ืื•ืœื™ ื’ื ืœื“ื’ื™ื, ื•ื“ืื™ ืฉืขื‘ื•ืจื ื•.
19:34
But the absence of some metaphorical fishbowl is a recipe for misery
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ืื‘ืœ ื”ื™ืขื“ืจ ืฉืœ ืงืขืจื” ืžื˜ืคื•ืจื™ืช ื›ืœืฉื”ื™ ื”ื•ื ืžืชื›ื•ืŸ ื‘ื˜ื•ื— ืœืื•ืžืœืœื•ืช,
19:38
and, I suspect, disaster.
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ื•ืื•ืœื™ ื’ื ืœืืกื•ืŸ.
19:41
Thank you very much.
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ืชื•ื“ื” ืจื‘ื” ืœื›ื.
19:42
(Applause)
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(ืžื—ื™ืื•ืช ื›ืคื™ื™ื)
ืขืœ ืืชืจ ื–ื”

ืืชืจ ื–ื” ื™ืฆื™ื’ ื‘ืคื ื™ื›ื ืกืจื˜ื•ื ื™ YouTube ื”ืžื•ืขื™ืœื™ื ืœืœื™ืžื•ื“ ืื ื’ืœื™ืช. ืชื•ื›ืœื• ืœืจืื•ืช ืฉื™ืขื•ืจื™ ืื ื’ืœื™ืช ื”ืžื•ืขื‘ืจื™ื ืขืœ ื™ื“ื™ ืžื•ืจื™ื ืžื”ืฉื•ืจื” ื”ืจืืฉื•ื ื” ืžืจื—ื‘ื™ ื”ืขื•ืœื. ืœื—ืฅ ืคืขืžื™ื™ื ืขืœ ื”ื›ืชื•ื‘ื™ื•ืช ื‘ืื ื’ืœื™ืช ื”ืžื•ืฆื’ื•ืช ื‘ื›ืœ ื“ืฃ ื•ื™ื“ืื• ื›ื“ื™ ืœื”ืคืขื™ืœ ืืช ื”ืกืจื˜ื•ืŸ ืžืฉื. ื”ื›ืชื•ื‘ื™ื•ืช ื’ื•ืœืœื•ืช ื‘ืกื ื›ืจื•ืŸ ืขื ื”ืคืขืœืช ื”ื•ื•ื™ื“ืื•. ืื ื™ืฉ ืœืš ื”ืขืจื•ืช ืื• ื‘ืงืฉื•ืช, ืื ื ืฆื•ืจ ืื™ืชื ื• ืงืฉืจ ื‘ืืžืฆืขื•ืช ื˜ื•ืคืก ื™ืฆื™ืจืช ืงืฉืจ ื–ื”.

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