Episode 36: Part 2 - Procrastination: Time and tide waits for no one

Episode 36: Part 2 - Procrastination: Time and tide waits for no one

Music: “Just A Blip” by Andy G. CohenFrom the Free Music ArchiveReleased under a Creative Commons Attribution International License

https://www.smithsonianmag.com/science-nature/why-procrastination-is-good-for-you-2102008

- Life seems to happen at warp speed. But, decisions, says Frank Partnoy, should not. In his new book, Wait: The Art and Science of Delay, Partnoy claims that when faced with a decision, we should assess how long we have to make it, and then wait until the last possible moment to do so. Should we take his advice on how to “manage delay,” we will live happier lives.  Historically, for human beings, procrastination has not been regarded as a bad thing. The Greeks and Romans generally regarded procrastination very highly. The wisest leaders embraced procrastination and would basically sit around and think and not do anything unless they absolutely had to.

"Neither a wise nor a brave man lies down on the tracks of history to wait for the train of the future to run over him." – Dwight D. Eisenhower

- The idea that procrastination is bad really started in the Puritanical era with Jonathan Edwards’s sermon against procrastination and then the American embrace of “a stitch in time saves nine,” and this sort of work ethic that required immediate and diligent action. If you look at recent studies, managing delay is an important tool for human beings. People are more successful and happier when they manage delay. Procrastination is just a universal state of being for humans. We will always have more things to do than we can possibly do, so we will always be imposing some sort of unwarranted delay on some tasks. The question is not whether we are procrastinating, it is whether we are procrastinating well.

- Some scientists have argued that there are two kinds of procrastination: active procrastination and passive procrastination. Active procrastination means you realize that you are unduly delaying mowing the lawn or cleaning your closet, but you are doing something that is more valuable instead. Passive procrastination is just sitting around on your sofa not doing anything. That clearly is a problem.

- Lehman Brothers had arranged for a decision-making class in the fall of 2005 for its senior executives. It brought four dozen executives to the Palace Hotel on Madison Avenue and brought in leading decision researchers, including Max Bazerman from Harvard and Mahzarin Banaji, a well-known psychologist. For the capstone lecture, they brought in Malcolm Gladwell, who had just published Blink, a book that speaks to the benefits of making instantaneous decisions and that Gladwell sums up as “a book about those first two seconds.” Lehman’s president Joe Gregory embraced this notion of going with your gut and deciding quickly, and he passed copies of Blink out on the trading floor. The executives took this class and then hurriedly marched back to their headquarters and proceeded to make the worst snap decisions in the history of financial markets.

-Question one is: what is the longest amount of time I can take before doing this? What time world am I living in? Step two is, delay the response or the decision until the very last possible moment. If it is a year, wait 364 days. If it’s an hour, wait 59 minutes. Most of us would say that a professional tennis player is better than an amateur because they are so fast. But, in fact, what I found and what the studies of superfast athletes show is that they are better because they are slow. They are able to perfect their stroke and response to free up as much time as possible between the actual service of the ball and the last possible millisecond when they have to return it.

"Take time to deliberate; but when the time for action arrives, stop thinking and go in."– Napoleon Bonaparte

- Most people are taught that you should apologize right away. But I was surprised to find that, in most cases, delayed apol