It’s been snowing in the UK, and people are freeeeaking out
Because the rational response to snow is to buy loads and loads of bread
The apocalypse, or just the weather? We're not sure, but Brits aren't taking any chances, and are stockpiling bread just in case.
What it means: The UK doesn't react well to snow. Schools close, roads freeze over, trains don't run. People are really panicking this time, and are stocking their larders full like there's a nuclear apocalypse coming. One shopper told The Times: “Shoppers were walking around with a panicked look on their faces. Some people had six or seven loaves in their basket... I went to grab the last loaf and someone who already had six took it. The shelves were empty.”
It looks like there are two potential undesirable scenarios at play in people's heads: if people can't get to the shops, they'll run out of food and they'll starve; if the shops can't get deliveries, they'll run out of food and they'll starve. It might sound like bonkers behaviour for a little bit of snow, but our purchasing decisions are heavily influenced by what's going on around us. Economists use something called
to work out why that is.
This kind of thing happens whenever people assume there's some kind of risk approaching, whether it's a financial crisis or abnormal weather. The problem is, it's kind of a self-fulfilling prophecy: if everyone stocks up on bread, we really will run out, and prices for the little left over will go up. Ready, steady, shop...
It’s easy to think you’ve got nothing to do with the economy – you can’t see it, feel it, or engage with it in any tangible way. But in fact the economy is just the result of how you live your life and how everyone around you lives theirs…
