Inflation Bias

The mind is a fine servant and a poor witness. Inflation Bias is one of the places where its testimony needs checking.

The bias is not stupidity; it is thrift. The mind evolved to decide quickly with little information, and it still runs that old software on a new machine. Most days the thrift serves us. Some days it quietly picks our pocket.

What this concept offers is a pause — one extra beat between what happens and what you do about it. Civilisation, someone said, is measured in that beat.

The vegetable vendor with a tin box knows what the salaried man with three apps forgets: count the cash at the end of the day, every day, without drama.

Money is a good clerk and a terrible master; the arrangement is entirely up to us. No ceremony needed. Begin with the very next decision.