When people think about
perfectionism, they usually do so in relation to psychology; they look at it as
a personality trait and see it as a reflection of someone’s character. In
contrast, “
The Agony of Perfectionism,” an article recently posted on
TheAtlantic.com,
explores perfectionism through the lens of economics. But despite the different
approach, the economic takeaways arrive at the same conclusions as the
psychological ones.
Economists once believed in the
existence of the rational consumer. In theory, when a person had to make a
purchasing decision, he or she would collect all available information about
that potential purchase, weigh all the options, and in the end make a reasoned,
well-informed choice about what to buy.
Anyone who has tried to buy a
camera on Amazon or book a hotel on TripAdvisor, however, knows this is not
possible. You face a vast number of choices and a wide range of passionate
opinions. At a certain point you have to cut off your research and make a
decision.
So some economists have divided
consumers into two groups. One comprises people who strive to make their
decisions in a rational way, seeking out as much information as they can get
before they make their pick. These folks, called “maximizers,” want to examine
all possible choices and to feel that they have made the best choice.
Maximizers, in other words, are economic perfectionists. In contrast, the other
group of consumers, called “satisficers,” aren’t perfectionists; they tend to
settle for something they consider “good enough.”
So who’s happier with their
purchase? The people who exhaustively research their purchases to find the best
possible choice? Or the ones who put much less thought before they pull the
trigger and buy? The satisficers, oddly enough. Despite all their research,
maximizers are more likely to be filled with regret. Because the amount of
information they can collect is limitless, they are always left wondering
whether they made a mistake by not looking for more information, or by paying
attention to the wrong information. There is always room for them to wonder
whether they could have made a better choice.
Maximizers are also more
susceptible to looking at others’ Facebook and Instagram posts and feeling
badly about themselves and their choices. In the past, you were limited by your
imagination in thinking that others were doing all sorts of cool stuff that you
weren’t doing. Now, however, you can see actual photos of what they’re up to.
You can Google them, easily learn about their achievements, and fuel your
dissatisfaction and feeling of not measuring up.
In summarizing the research, the
author makes the sad point that the maximizers/perfectionists work harder and
perform better, but are also more likely to feel depressed and regretful.
Whether you look at them from the psychological or economic point of view, the
article encapsulates the challenge of striving to achieve and make good choices
without pushing yourself to the point of dissatisfaction with all your choices.