What do Mother Teresa and Joseph Stiglitz have in common?1 min read

mismatchedcharityandneeds

 

One man’s death is a tragedy, a million deaths is a statistic.

Joseph Stiglitz

 

If I look at the masses, I will never act. If I look at the individual, I will.

Mother Teresa

The phenomenon of people being more inclined to help individuals in need, particularly people with a face we can see and a story to tell, than to help large masses of people is called the identifiable victim effect.

To learn more about this effect, check out Dan Ariely’s course on Behavioural Economics on Coursera for free.

Till next time, dream economics.

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