Source: Foundation for Economic Education
by Peter Jacobsen
“As we roll through the middle of February, we’re getting to the point of the year where most people start to abandon their New Year’s resolutions. According to research by Dr. Michelle Rozen, 94% of people fail their resolutions within two months. However, this doesn’t mean resolutions are a bad thing. New Year’s resolutions make good economic sense. People want to improve, but monitoring whether you’ve actually improved in something is costly. As such, using the beginning (and end) of a year as a benchmark provides a low-cost way of ensuring self-monitoring. Maybe many fail, but New Year’s provides a good place to start either way. For many, New Year’s resolutions involve reading more or losing weight. However, I’m noticing an increasing number of people centering their resolutions around hobbies.” (02/19/25)
https://fee.org/articles/how-hobbies-can-save-us-from-over-specialization/