[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:01.72,0:00:04.14,Default,,0000,0000,0000,,So I want to talk today\Nabout money and happiness,
Dialogue: 0,0:00:04.16,0:00:07.72,Default,,0000,0000,0000,,which are two things a lot of us\Nspend a lot of our time thinking about,
Dialogue: 0,0:00:07.74,0:00:10.57,Default,,0000,0000,0000,,either trying to earn them\Nor trying to increase them.
Dialogue: 0,0:00:10.60,0:00:12.87,Default,,0000,0000,0000,,And a lot of us resonate with this phrase,
Dialogue: 0,0:00:12.90,0:00:15.71,Default,,0000,0000,0000,,we see it in religions\Nand self-help books:
Dialogue: 0,0:00:15.73,0:00:17.03,Default,,0000,0000,0000,,money can't buy happiness.
Dialogue: 0,0:00:17.05,0:00:19.82,Default,,0000,0000,0000,,And I want to suggest today\Nthat, in fact, that's wrong.
Dialogue: 0,0:00:19.85,0:00:21.90,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:00:21.92,0:00:24.14,Default,,0000,0000,0000,,I'm at a business school,\Nso that's what we do.
Dialogue: 0,0:00:24.16,0:00:25.32,Default,,0000,0000,0000,,So that's wrong,
Dialogue: 0,0:00:25.34,0:00:28.56,Default,,0000,0000,0000,,and in fact, if you think that,\Nyou're just not spending it right.
Dialogue: 0,0:00:28.59,0:00:31.24,Default,,0000,0000,0000,,So instead of spending it\Nthe way you usually spend it,
Dialogue: 0,0:00:31.26,0:00:34.75,Default,,0000,0000,0000,,maybe if you spent it differently,\Nthat might work a little bit better.
Dialogue: 0,0:00:34.77,0:00:38.22,Default,,0000,0000,0000,,Before I tell you the ways you can spend\Nit that will make you happier,
Dialogue: 0,0:00:38.24,0:00:40.42,Default,,0000,0000,0000,,let's think about the ways\Nwe usually spend it
Dialogue: 0,0:00:40.45,0:00:42.26,Default,,0000,0000,0000,,that don't, in fact, make us happier.
Dialogue: 0,0:00:42.28,0:00:44.02,Default,,0000,0000,0000,,We had a little natural experiment.
Dialogue: 0,0:00:44.04,0:00:46.83,Default,,0000,0000,0000,,So CNN, a little while ago,\Nwrote this interesting article
Dialogue: 0,0:00:46.85,0:00:49.34,Default,,0000,0000,0000,,on what happens to people\Nwhen they win the lottery.
Dialogue: 0,0:00:49.37,0:00:51.80,Default,,0000,0000,0000,,It turns out people think\Nwhen they win the lottery
Dialogue: 0,0:00:51.83,0:00:53.19,Default,,0000,0000,0000,,their lives will be amazing.
Dialogue: 0,0:00:53.21,0:00:55.52,Default,,0000,0000,0000,,This article's about\Nhow their lives get ruined.
Dialogue: 0,0:00:55.54,0:00:57.46,Default,,0000,0000,0000,,What happens when people win the lottery
Dialogue: 0,0:00:57.49,0:00:59.89,Default,,0000,0000,0000,,is, one, they spend\Nall the money and go into debt;
Dialogue: 0,0:00:59.91,0:01:02.98,Default,,0000,0000,0000,,and two, all of their friends\Nand everyone they've ever met
Dialogue: 0,0:01:03.00,0:01:04.75,Default,,0000,0000,0000,,find them and bug them for money.
Dialogue: 0,0:01:04.77,0:01:06.94,Default,,0000,0000,0000,,It ruins their social\Nrelationships, in fact.
Dialogue: 0,0:01:06.97,0:01:09.05,Default,,0000,0000,0000,,So they have more debt\Nand worse friendships
Dialogue: 0,0:01:09.08,0:01:11.10,Default,,0000,0000,0000,,than they had before they won the lottery.
Dialogue: 0,0:01:11.13,0:01:13.15,Default,,0000,0000,0000,,What was interesting\Nabout the article was,
Dialogue: 0,0:01:13.17,0:01:16.16,Default,,0000,0000,0000,,people started commenting\Non the article, readers of the thing.
Dialogue: 0,0:01:16.19,0:01:18.70,Default,,0000,0000,0000,,And instead of talking\Nabout how it made them realize
Dialogue: 0,0:01:18.72,0:01:20.52,Default,,0000,0000,0000,,that money doesn't lead to happiness,
Dialogue: 0,0:01:20.54,0:01:23.99,Default,,0000,0000,0000,,everyone started saying, "You know\Nwhat I'd do if I won the lottery ...?"
Dialogue: 0,0:01:24.01,0:01:25.81,Default,,0000,0000,0000,,and fantasizing about what they'd do.
Dialogue: 0,0:01:25.84,0:01:29.21,Default,,0000,0000,0000,,Here's just two of the ones we saw\Nthat are interesting to think about.
Dialogue: 0,0:01:29.23,0:01:32.57,Default,,0000,0000,0000,,One person wrote, "When I win,\NI'm going to buy my own little mountain
Dialogue: 0,0:01:32.59,0:01:34.16,Default,,0000,0000,0000,,and have a little house on top."
Dialogue: 0,0:01:34.18,0:01:35.50,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:01:35.52,0:01:38.57,Default,,0000,0000,0000,,And another person wrote,\N"I would fill a big bathtub with money
Dialogue: 0,0:01:38.59,0:01:40.83,Default,,0000,0000,0000,,and get in the tub\Nwhile smoking a big fat cigar
Dialogue: 0,0:01:40.86,0:01:42.70,Default,,0000,0000,0000,,and sipping a glass of champagne."
Dialogue: 0,0:01:42.73,0:01:45.29,Default,,0000,0000,0000,,This is even worse:\N"... then I'd have a picture taken
Dialogue: 0,0:01:45.31,0:01:46.66,Default,,0000,0000,0000,,and dozens of glossies made.
Dialogue: 0,0:01:46.68,0:01:49.18,Default,,0000,0000,0000,,Anyone begging for money\Nor trying to extort from me
Dialogue: 0,0:01:49.20,0:01:51.95,Default,,0000,0000,0000,,would receive a copy\Nof the picture and nothing else."
Dialogue: 0,0:01:51.98,0:01:54.42,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:01:54.44,0:01:57.02,Default,,0000,0000,0000,,And so many of the comments\Nwere exactly of this type,
Dialogue: 0,0:01:57.04,0:02:00.31,Default,,0000,0000,0000,,where people got money\Nand, in fact, it made them antisocial.
Dialogue: 0,0:02:00.33,0:02:03.52,Default,,0000,0000,0000,,So I told you it ruins people's lives\Nand their friends bug them.
Dialogue: 0,0:02:03.54,0:02:05.74,Default,,0000,0000,0000,,Also, money often makes\Nus feel very selfish
Dialogue: 0,0:02:05.76,0:02:07.58,Default,,0000,0000,0000,,and we do things only for ourselves.
Dialogue: 0,0:02:07.60,0:02:10.22,Default,,0000,0000,0000,,We thought maybe the reason money\Ndoesn't make us happy
Dialogue: 0,0:02:10.24,0:02:12.41,Default,,0000,0000,0000,,is that we're spending it\Non the wrong things;
Dialogue: 0,0:02:12.44,0:02:14.96,Default,,0000,0000,0000,,in particular, we're always\Nspending it on ourselves.
Dialogue: 0,0:02:14.99,0:02:16.57,Default,,0000,0000,0000,,And we wondered what would happen
Dialogue: 0,0:02:16.60,0:02:19.14,Default,,0000,0000,0000,,if we made people spend\Nmore of their money on others.
Dialogue: 0,0:02:19.16,0:02:21.38,Default,,0000,0000,0000,,So instead of being antisocial\Nwith your money,
Dialogue: 0,0:02:21.41,0:02:23.41,Default,,0000,0000,0000,,what if you were more pro-social with it?
Dialogue: 0,0:02:23.44,0:02:26.28,Default,,0000,0000,0000,,We thought, let's make people\Ndo it and see what happens.
Dialogue: 0,0:02:26.30,0:02:28.50,Default,,0000,0000,0000,,Let's have some people\Ndo what they usually do,
Dialogue: 0,0:02:28.53,0:02:29.81,Default,,0000,0000,0000,,spend money on themselves,
Dialogue: 0,0:02:29.83,0:02:31.86,Default,,0000,0000,0000,,and let's make some people\Ngive money away,
Dialogue: 0,0:02:31.89,0:02:35.00,Default,,0000,0000,0000,,and measure their happiness\Nand see if, in fact, they get happier.
Dialogue: 0,0:02:35.02,0:02:37.58,Default,,0000,0000,0000,,The first way we did this was,\None Vancouver morning,
Dialogue: 0,0:02:37.60,0:02:40.58,Default,,0000,0000,0000,,we went out on the campus\Nat University of British Columbia,
Dialogue: 0,0:02:40.60,0:02:43.66,Default,,0000,0000,0000,,approached people and said,\N"Do you want to be in an experiment?"
Dialogue: 0,0:02:43.69,0:02:44.86,Default,,0000,0000,0000,,They said, "Yes."
Dialogue: 0,0:02:44.88,0:02:47.98,Default,,0000,0000,0000,,We asked them how happy they were,\Nand then gave them an envelope.
Dialogue: 0,0:02:48.00,0:02:50.32,Default,,0000,0000,0000,,One of the envelopes\Nhad things in it that said,
Dialogue: 0,0:02:50.34,0:02:53.34,Default,,0000,0000,0000,,"By 5pm today,\Nspend this money on yourself."
Dialogue: 0,0:02:53.36,0:02:55.94,Default,,0000,0000,0000,,We gave some examples\Nof what you could spend it on.
Dialogue: 0,0:02:55.96,0:02:58.02,Default,,0000,0000,0000,,Other people got\Na slip of paper that said,
Dialogue: 0,0:02:58.05,0:03:01.16,Default,,0000,0000,0000,,"By 5pm today, spend this money\Non somebody else."
Dialogue: 0,0:03:01.19,0:03:03.38,Default,,0000,0000,0000,,Also inside the envelope was money.
Dialogue: 0,0:03:03.40,0:03:05.61,Default,,0000,0000,0000,,And we manipulated\Nhow much money we gave them;
Dialogue: 0,0:03:05.64,0:03:08.26,Default,,0000,0000,0000,,some people got this slip\Nof paper and five dollars,
Dialogue: 0,0:03:08.29,0:03:10.90,Default,,0000,0000,0000,,some got this slip\Nof paper and 20 dollars.
Dialogue: 0,0:03:10.92,0:03:13.93,Default,,0000,0000,0000,,We let them go about their day\Nand do whatever they wanted.
Dialogue: 0,0:03:13.95,0:03:16.93,Default,,0000,0000,0000,,We found out they did spend it\Nin the way we asked them to.
Dialogue: 0,0:03:16.96,0:03:19.87,Default,,0000,0000,0000,,We called them up and asked them,\N"What did you spend it on?
Dialogue: 0,0:03:19.90,0:03:21.21,Default,,0000,0000,0000,,How happy do you feel now?"
Dialogue: 0,0:03:21.24,0:03:22.49,Default,,0000,0000,0000,,What did they spend it on?
Dialogue: 0,0:03:22.51,0:03:23.91,Default,,0000,0000,0000,,These are college undergrads;
Dialogue: 0,0:03:23.93,0:03:26.05,Default,,0000,0000,0000,,a lot of what they spent it on\Nfor themselves
Dialogue: 0,0:03:26.07,0:03:27.87,Default,,0000,0000,0000,,were things like earrings and makeup.
Dialogue: 0,0:03:27.89,0:03:30.57,Default,,0000,0000,0000,,One woman said she bought\Na stuffed animal for her niece.
Dialogue: 0,0:03:30.59,0:03:32.37,Default,,0000,0000,0000,,People gave money to homeless people.
Dialogue: 0,0:03:32.40,0:03:34.44,Default,,0000,0000,0000,,Huge effect here of Starbucks.
Dialogue: 0,0:03:34.46,0:03:36.19,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:03:36.21,0:03:38.23,Default,,0000,0000,0000,,So if you give\Nundergraduates five dollars,
Dialogue: 0,0:03:38.25,0:03:39.65,Default,,0000,0000,0000,,it looks like coffee to them,
Dialogue: 0,0:03:39.67,0:03:42.72,Default,,0000,0000,0000,,and they run over to Starbucks\Nand spend it as fast as they can.
Dialogue: 0,0:03:42.75,0:03:46.06,Default,,0000,0000,0000,,Some people bought coffee for themselves,\Nthe way they usually would,
Dialogue: 0,0:03:46.08,0:03:48.20,Default,,0000,0000,0000,,but others bought coffee\Nfor somebody else.
Dialogue: 0,0:03:48.22,0:03:49.90,Default,,0000,0000,0000,,So the very same purchase,
Dialogue: 0,0:03:49.92,0:03:53.24,Default,,0000,0000,0000,,just targeted toward yourself\Nor targeted toward somebody else.
Dialogue: 0,0:03:53.26,0:03:55.82,Default,,0000,0000,0000,,What did we find when we called\Nat the end of the day?
Dialogue: 0,0:03:55.85,0:03:57.98,Default,,0000,0000,0000,,People who spent money\Non others got happier;
Dialogue: 0,0:03:58.01,0:04:00.50,Default,,0000,0000,0000,,people who spent it on themselves,\Nnothing happened.
Dialogue: 0,0:04:00.52,0:04:03.55,Default,,0000,0000,0000,,It didn't make them less happy,\Nit just didn't do much for them.
Dialogue: 0,0:04:03.57,0:04:06.68,Default,,0000,0000,0000,,The other thing we saw is the amount\Nof money doesn't matter much.
Dialogue: 0,0:04:06.70,0:04:09.34,Default,,0000,0000,0000,,People thought 20 dollars\Nwould be way better than five.
Dialogue: 0,0:04:09.37,0:04:11.83,Default,,0000,0000,0000,,In fact, it doesn't matter\Nhow much money you spent.
Dialogue: 0,0:04:11.85,0:04:14.55,Default,,0000,0000,0000,,What really matters\Nis that you spent it on somebody else
Dialogue: 0,0:04:14.57,0:04:15.74,Default,,0000,0000,0000,,rather than on yourself.
Dialogue: 0,0:04:15.76,0:04:17.07,Default,,0000,0000,0000,,We see this again and again
Dialogue: 0,0:04:17.10,0:04:20.45,Default,,0000,0000,0000,,when we give people money to spend\Non others instead of on themselves.
Dialogue: 0,0:04:20.48,0:04:22.74,Default,,0000,0000,0000,,Of course, these are\Nundergraduates in Canada --
Dialogue: 0,0:04:22.77,0:04:24.98,Default,,0000,0000,0000,,not the world's most\Nrepresentative population.
Dialogue: 0,0:04:25.01,0:04:28.16,Default,,0000,0000,0000,,They're also fairly wealthy and affluent\Nand other sorts of things.
Dialogue: 0,0:04:28.18,0:04:30.95,Default,,0000,0000,0000,,We wanted to see if this holds true\Neverywhere in the world
Dialogue: 0,0:04:30.97,0:04:32.52,Default,,0000,0000,0000,,or just among wealthy countries.
Dialogue: 0,0:04:32.54,0:04:35.35,Default,,0000,0000,0000,,So we went to Uganda\Nand ran a very similar experiment.
Dialogue: 0,0:04:35.37,0:04:37.73,Default,,0000,0000,0000,,Imagine, instead of just people\Nin Canada, we say,
Dialogue: 0,0:04:37.75,0:04:40.51,Default,,0000,0000,0000,,"Name the last time you spent\Nmoney on yourself or others.
Dialogue: 0,0:04:40.53,0:04:42.45,Default,,0000,0000,0000,,Describe it. How happy did it make you?"
Dialogue: 0,0:04:42.47,0:04:45.89,Default,,0000,0000,0000,,Or in Uganda, "Name the last time\Nyou spent money on yourself or others
Dialogue: 0,0:04:45.92,0:04:47.07,Default,,0000,0000,0000,,and describe that."
Dialogue: 0,0:04:47.10,0:04:49.26,Default,,0000,0000,0000,,Then we asked them\Nhow happy they are, again.
Dialogue: 0,0:04:49.28,0:04:50.96,Default,,0000,0000,0000,,And what we see is sort of amazing,
Dialogue: 0,0:04:50.98,0:04:54.03,Default,,0000,0000,0000,,because there's human universals\Non what you do with your money,
Dialogue: 0,0:04:54.05,0:04:56.54,Default,,0000,0000,0000,,and real cultural differences\Non what you do as well.
Dialogue: 0,0:04:56.56,0:04:59.87,Default,,0000,0000,0000,,So for example, one guy\Nfrom Uganda says this:
Dialogue: 0,0:04:59.89,0:05:01.77,Default,,0000,0000,0000,,"I called a girl I wished to love."
Dialogue: 0,0:05:01.79,0:05:03.58,Default,,0000,0000,0000,,They basically went out on a date,
Dialogue: 0,0:05:03.60,0:05:06.85,Default,,0000,0000,0000,,and he says at the end\Nthat he didn't "achieve" her up till now.
Dialogue: 0,0:05:06.88,0:05:08.04,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:05:08.06,0:05:10.04,Default,,0000,0000,0000,,Here's a guy from Canada.
Dialogue: 0,0:05:10.06,0:05:11.77,Default,,0000,0000,0000,,Very similar thing.
Dialogue: 0,0:05:11.79,0:05:13.78,Default,,0000,0000,0000,,"I took my girlfriend out for dinner.
Dialogue: 0,0:05:13.80,0:05:15.65,Default,,0000,0000,0000,,We went to a movie, we left early,
Dialogue: 0,0:05:15.67,0:05:19.47,Default,,0000,0000,0000,,and then went back to her room\Nfor ... cake," just cake.
Dialogue: 0,0:05:19.49,0:05:20.85,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:05:20.87,0:05:22.02,Default,,0000,0000,0000,,Human universal:
Dialogue: 0,0:05:22.05,0:05:24.28,Default,,0000,0000,0000,,you spend money on others,\Nyou're being nice.
Dialogue: 0,0:05:24.31,0:05:26.37,Default,,0000,0000,0000,,Maybe you have something\Nin mind, maybe not.
Dialogue: 0,0:05:26.40,0:05:28.45,Default,,0000,0000,0000,,But then we see extraordinary differences.
Dialogue: 0,0:05:28.47,0:05:29.63,Default,,0000,0000,0000,,So look at these two.
Dialogue: 0,0:05:29.65,0:05:31.00,Default,,0000,0000,0000,,This is a woman from Canada.
Dialogue: 0,0:05:31.03,0:05:33.60,Default,,0000,0000,0000,,We say, "Name a time you spent\Nmoney on somebody else."
Dialogue: 0,0:05:33.63,0:05:35.60,Default,,0000,0000,0000,,She says, "I bought a present for my mom.
Dialogue: 0,0:05:35.63,0:05:38.36,Default,,0000,0000,0000,,I drove to the mall, bought\Na present, gave it to my mom."
Dialogue: 0,0:05:38.38,0:05:39.68,Default,,0000,0000,0000,,Perfectly nice thing to do.
Dialogue: 0,0:05:39.71,0:05:41.76,Default,,0000,0000,0000,,It's good to get gifts\Nfor people you know.
Dialogue: 0,0:05:41.78,0:05:44.12,Default,,0000,0000,0000,,Compare that to this woman from Uganda:
Dialogue: 0,0:05:44.14,0:05:47.84,Default,,0000,0000,0000,,"I was walking and met a longtime friend\Nwhose son was sick with malaria.
Dialogue: 0,0:05:47.86,0:05:51.23,Default,,0000,0000,0000,,They had no money, they went to a clinic\Nand I gave her this money."
Dialogue: 0,0:05:51.26,0:05:53.47,Default,,0000,0000,0000,,This isn't $10,000,\Nit's the local currency.
Dialogue: 0,0:05:53.49,0:05:55.68,Default,,0000,0000,0000,,So it's a very small\Namount of money, in fact.
Dialogue: 0,0:05:55.71,0:05:57.82,Default,,0000,0000,0000,,But enormously different motivations here.
Dialogue: 0,0:05:57.84,0:06:01.37,Default,,0000,0000,0000,,This is a real medical need,\Nliterally a lifesaving donation.
Dialogue: 0,0:06:01.39,0:06:04.14,Default,,0000,0000,0000,,Above, it's just kind of,\NI bought a gift for my mother.
Dialogue: 0,0:06:04.16,0:06:05.77,Default,,0000,0000,0000,,What we see again, though,
Dialogue: 0,0:06:05.80,0:06:09.45,Default,,0000,0000,0000,,is that the specific way you spend\Non other people isn't nearly as important
Dialogue: 0,0:06:09.47,0:06:13.42,Default,,0000,0000,0000,,as the fact that you spend on other people\Nin order to make yourself happy,
Dialogue: 0,0:06:13.45,0:06:15.00,Default,,0000,0000,0000,,which is really quite important.
Dialogue: 0,0:06:15.03,0:06:17.57,Default,,0000,0000,0000,,So you don't have to do\Namazing things with your money
Dialogue: 0,0:06:17.59,0:06:18.74,Default,,0000,0000,0000,,to make yourself happy.
Dialogue: 0,0:06:18.77,0:06:22.37,Default,,0000,0000,0000,,You can do small, trivial things and still\Nget the benefits from doing this.
Dialogue: 0,0:06:22.40,0:06:23.80,Default,,0000,0000,0000,,These are only two countries.
Dialogue: 0,0:06:23.83,0:06:26.78,Default,,0000,0000,0000,,We wanted to look at every country\Nin the world if we could,
Dialogue: 0,0:06:26.80,0:06:29.70,Default,,0000,0000,0000,,to see what the relationship is\Nbetween money and happiness.
Dialogue: 0,0:06:29.72,0:06:31.71,Default,,0000,0000,0000,,We got data from the Gallup Organization,
Dialogue: 0,0:06:31.73,0:06:34.61,Default,,0000,0000,0000,,which you know from\Nall the political polls happening lately.
Dialogue: 0,0:06:34.63,0:06:37.56,Default,,0000,0000,0000,,They asked people, "Did you donate\Nmoney to charity recently?"
Dialogue: 0,0:06:37.59,0:06:39.76,Default,,0000,0000,0000,,and, "How happy are you\Nwith life in general?"
Dialogue: 0,0:06:39.79,0:06:42.66,Default,,0000,0000,0000,,We can see what the relationship is\Nbetween those two things.
Dialogue: 0,0:06:42.69,0:06:45.60,Default,,0000,0000,0000,,Are they positively correlated,\Ngiving money makes you happy?
Dialogue: 0,0:06:45.62,0:06:47.26,Default,,0000,0000,0000,,Or are they negatively correlated?
Dialogue: 0,0:06:47.29,0:06:50.08,Default,,0000,0000,0000,,On this map, green will mean\Nthey're positively correlated,
Dialogue: 0,0:06:50.11,0:06:52.03,Default,,0000,0000,0000,,red means they're negatively correlated.
Dialogue: 0,0:06:52.05,0:06:54.15,Default,,0000,0000,0000,,And you can see,\Nthe world is crazily green.
Dialogue: 0,0:06:54.17,0:06:57.43,Default,,0000,0000,0000,,So in almost every country in the world\Nwhere we have this data,
Dialogue: 0,0:06:57.46,0:06:59.92,Default,,0000,0000,0000,,people who give money\Nto charity are happier people
Dialogue: 0,0:06:59.94,0:07:02.07,Default,,0000,0000,0000,,than people who don't give\Nmoney to charity.
Dialogue: 0,0:07:02.09,0:07:04.71,Default,,0000,0000,0000,,I know you're looking\Nat the red country in the middle.
Dialogue: 0,0:07:04.73,0:07:06.88,Default,,0000,0000,0000,,I would be a jerk and not\Ntell you what it is,
Dialogue: 0,0:07:06.91,0:07:08.54,Default,,0000,0000,0000,,but it's Central African Republic.
Dialogue: 0,0:07:08.57,0:07:09.72,Default,,0000,0000,0000,,You can make up stories.
Dialogue: 0,0:07:09.74,0:07:11.76,Default,,0000,0000,0000,,Maybe it's different there\Nfor some reason.
Dialogue: 0,0:07:11.78,0:07:13.99,Default,,0000,0000,0000,,Just below that to the right\Nis Rwanda, though,
Dialogue: 0,0:07:14.02,0:07:15.23,Default,,0000,0000,0000,,which is amazingly green.
Dialogue: 0,0:07:15.26,0:07:16.64,Default,,0000,0000,0000,,So almost everywhere we look,
Dialogue: 0,0:07:16.67,0:07:19.10,Default,,0000,0000,0000,,we see that giving money away\Nmakes you happier
Dialogue: 0,0:07:19.12,0:07:20.67,Default,,0000,0000,0000,,than keeping it for yourself.
Dialogue: 0,0:07:20.69,0:07:23.66,Default,,0000,0000,0000,,What about work, which is where\Nwe spend the rest of our time,
Dialogue: 0,0:07:23.68,0:07:25.54,Default,,0000,0000,0000,,when we're not with the people we know.
Dialogue: 0,0:07:25.57,0:07:28.79,Default,,0000,0000,0000,,We decided to infiltrate some companies\Nand do a very similar thing.
Dialogue: 0,0:07:28.82,0:07:30.62,Default,,0000,0000,0000,,These are sales teams in Belgium.
Dialogue: 0,0:07:30.64,0:07:33.69,Default,,0000,0000,0000,,They work in teams,\Ngo out and sell to doctors
Dialogue: 0,0:07:33.72,0:07:35.29,Default,,0000,0000,0000,,and try to get them to buy drugs.
Dialogue: 0,0:07:35.32,0:07:37.46,Default,,0000,0000,0000,,We can look and see\Nhow well they sell things
Dialogue: 0,0:07:37.49,0:07:39.73,Default,,0000,0000,0000,,as a function of being a member of a team.
Dialogue: 0,0:07:39.75,0:07:42.36,Default,,0000,0000,0000,,We give people on some teams some money
Dialogue: 0,0:07:42.38,0:07:44.35,Default,,0000,0000,0000,,"Spend it however you want on yourself,"
Dialogue: 0,0:07:44.37,0:07:46.62,Default,,0000,0000,0000,,just like we did\Nwith the undergrads in Canada.
Dialogue: 0,0:07:46.65,0:07:50.32,Default,,0000,0000,0000,,To other teams we say, "Here's 15 euro.\NSpend it on one of your teammates.
Dialogue: 0,0:07:50.34,0:07:53.00,Default,,0000,0000,0000,,Buy them something as a gift\Nand give it to them.
Dialogue: 0,0:07:53.03,0:07:55.73,Default,,0000,0000,0000,,Then we can see, we've got teams\Nthat spend on themselves
Dialogue: 0,0:07:55.75,0:07:59.52,Default,,0000,0000,0000,,and these pro-social teams\Nwho we give money to make the team better.
Dialogue: 0,0:07:59.55,0:08:01.58,Default,,0000,0000,0000,,The reason I have\Na ridiculous pinata there
Dialogue: 0,0:08:01.60,0:08:04.02,Default,,0000,0000,0000,,is one team pooled their money\Nand bought a pinata,
Dialogue: 0,0:08:04.04,0:08:07.12,Default,,0000,0000,0000,,they smashed the pinata,\Nthe candy fell out and things like that.
Dialogue: 0,0:08:07.14,0:08:08.58,Default,,0000,0000,0000,,A silly, trivial thing to do,
Dialogue: 0,0:08:08.61,0:08:11.91,Default,,0000,0000,0000,,but think of the difference on a team\Nthat didn't do that at all,
Dialogue: 0,0:08:11.94,0:08:15.51,Default,,0000,0000,0000,,that got 15 euro, put it in their pocket,\Nmaybe bought themselves a coffee,
Dialogue: 0,0:08:15.54,0:08:17.60,Default,,0000,0000,0000,,or teams that had\Nthis pro-social experience
Dialogue: 0,0:08:17.62,0:08:20.91,Default,,0000,0000,0000,,where they bonded together\Nto buy something and do a group activity.
Dialogue: 0,0:08:20.93,0:08:24.00,Default,,0000,0000,0000,,What we see is that the teams\Nthat are pro-social sell more stuff
Dialogue: 0,0:08:24.03,0:08:26.42,Default,,0000,0000,0000,,than the teams that only got\Nmoney for themselves.
Dialogue: 0,0:08:26.45,0:08:30.09,Default,,0000,0000,0000,,One way to think of it is: for every\N15 euro you give people for themselves,
Dialogue: 0,0:08:30.11,0:08:33.52,Default,,0000,0000,0000,,they put it in their pocket and don't do\Nanything different than before.
Dialogue: 0,0:08:33.54,0:08:34.99,Default,,0000,0000,0000,,You don't get money from that;
Dialogue: 0,0:08:35.01,0:08:38.09,Default,,0000,0000,0000,,you lose money, since it doesn't\Nmotivate them to perform better.
Dialogue: 0,0:08:38.11,0:08:40.92,Default,,0000,0000,0000,,But when you give them 15 euro\Nto spend on their teammates,
Dialogue: 0,0:08:40.94,0:08:42.71,Default,,0000,0000,0000,,they do so much better on their teams
Dialogue: 0,0:08:42.74,0:08:45.83,Default,,0000,0000,0000,,that you actually get a huge win\Non investing this kind of money.
Dialogue: 0,0:08:45.86,0:08:48.54,Default,,0000,0000,0000,,You're probably thinking\Nto yourselves, this is all fine,
Dialogue: 0,0:08:48.56,0:08:51.76,Default,,0000,0000,0000,,but there's a context that's incredibly\Nimportant for public policy,
Dialogue: 0,0:08:51.79,0:08:53.70,Default,,0000,0000,0000,,and I can't imagine it would work there.
Dialogue: 0,0:08:53.73,0:08:55.83,Default,,0000,0000,0000,,And if he doesn't show me\Nthat it works here,
Dialogue: 0,0:08:55.86,0:08:57.47,Default,,0000,0000,0000,,I don't believe anything he said.
Dialogue: 0,0:08:57.50,0:09:00.28,Default,,0000,0000,0000,,I know what you're all thinking\Nabout are dodgeball teams.
Dialogue: 0,0:09:00.31,0:09:01.70,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:09:01.72,0:09:03.58,Default,,0000,0000,0000,,This was a huge criticism that we got,
Dialogue: 0,0:09:03.60,0:09:06.78,Default,,0000,0000,0000,,that if you can't show it\Nwith dodgeball teams, this is all stupid.
Dialogue: 0,0:09:06.80,0:09:10.99,Default,,0000,0000,0000,,So we went and found these dodgeball\Nteams and infiltrated them,
Dialogue: 0,0:09:11.01,0:09:12.89,Default,,0000,0000,0000,,and did the exact same thing as before.
Dialogue: 0,0:09:12.91,0:09:15.83,Default,,0000,0000,0000,,So we give people on some teams\Nmoney to spend on themselves.
Dialogue: 0,0:09:15.86,0:09:19.58,Default,,0000,0000,0000,,Other teams, we give them money\Nto spend on their dodgeball teammates.
Dialogue: 0,0:09:19.60,0:09:21.58,Default,,0000,0000,0000,,The teams that spend money on themselves
Dialogue: 0,0:09:21.60,0:09:23.79,Default,,0000,0000,0000,,have the same winning\Npercentages as before.
Dialogue: 0,0:09:23.81,0:09:26.23,Default,,0000,0000,0000,,The teams we give the money\Nto spend on each other
Dialogue: 0,0:09:26.25,0:09:27.41,Default,,0000,0000,0000,,become different teams;
Dialogue: 0,0:09:27.43,0:09:29.98,Default,,0000,0000,0000,,they dominate the league\Nby the time they're done.
Dialogue: 0,0:09:30.01,0:09:32.02,Default,,0000,0000,0000,,Across all of these different contexts --
Dialogue: 0,0:09:32.04,0:09:35.65,Default,,0000,0000,0000,,your personal life, you work life,\Neven things like intramural sports --
Dialogue: 0,0:09:35.67,0:09:38.48,Default,,0000,0000,0000,,we see spending on other people\Nhas a bigger return for you
Dialogue: 0,0:09:38.51,0:09:40.48,Default,,0000,0000,0000,,than spending on yourself.
Dialogue: 0,0:09:40.50,0:09:44.30,Default,,0000,0000,0000,,So if you think money can't buy happiness,\Nyou're not spending it right.
Dialogue: 0,0:09:44.33,0:09:47.91,Default,,0000,0000,0000,,The implication isn't you should buy\Nthis product instead of that product,
Dialogue: 0,0:09:47.93,0:09:50.06,Default,,0000,0000,0000,,and that's the way\Nto make yourself happier.
Dialogue: 0,0:09:50.09,0:09:53.72,Default,,0000,0000,0000,,It's that you should stop thinking\Nabout which product to buy for yourself,
Dialogue: 0,0:09:53.75,0:09:56.58,Default,,0000,0000,0000,,and try giving some of it\Nto other people instead.
Dialogue: 0,0:09:56.60,0:09:59.10,Default,,0000,0000,0000,,And we luckily have\Nan opportunity for you.
Dialogue: 0,0:09:59.13,0:10:03.20,Default,,0000,0000,0000,,DonorsChoose.org is a nonprofit\Nfor mainly public school teachers
Dialogue: 0,0:10:03.22,0:10:04.66,Default,,0000,0000,0000,,in low-income schools.
Dialogue: 0,0:10:04.68,0:10:05.97,Default,,0000,0000,0000,,They post projects like,
Dialogue: 0,0:10:05.100,0:10:09.02,Default,,0000,0000,0000,,"I want to teach Huckleberry Finn\Nand we don't have the books,"
Dialogue: 0,0:10:09.04,0:10:11.53,Default,,0000,0000,0000,,or, "I want a microscope\Nto teach my students science
Dialogue: 0,0:10:11.55,0:10:13.08,Default,,0000,0000,0000,,and we don't have a microscope."
Dialogue: 0,0:10:13.10,0:10:15.05,Default,,0000,0000,0000,,You and I can go on and buy it for them.
Dialogue: 0,0:10:15.08,0:10:17.55,Default,,0000,0000,0000,,The teacher and the kids\Nwrite you thank-you notes,
Dialogue: 0,0:10:17.58,0:10:20.39,Default,,0000,0000,0000,,sometimes they send pictures\Nof them using the microscope.
Dialogue: 0,0:10:20.41,0:10:21.76,Default,,0000,0000,0000,,It's an extraordinary thing.
Dialogue: 0,0:10:21.78,0:10:24.90,Default,,0000,0000,0000,,Go to the website and start yourself\Non the process of thinking
Dialogue: 0,0:10:24.92,0:10:27.03,Default,,0000,0000,0000,,less about "How can I spend\Nmoney on myself?"
Dialogue: 0,0:10:27.05,0:10:29.91,Default,,0000,0000,0000,,and more about "If I've got\Nfive dollars or 15 dollars,
Dialogue: 0,0:10:29.93,0:10:32.08,Default,,0000,0000,0000,,what can I do to benefit other people?"
Dialogue: 0,0:10:32.10,0:10:35.59,Default,,0000,0000,0000,,Ultimately, when you do that, you'll find\Nyou benefit yourself much more.
Dialogue: 0,0:10:35.61,0:10:36.80,Default,,0000,0000,0000,,Thank you.
Dialogue: 0,0:10:36.83,0:10:38.23,Default,,0000,0000,0000,,(Applause)