Gift Giving
When someone dies, they often distribute what was theirs through a will. The most common possession that is doled out is any money they might have left over, along with any other valuables. With the person dead, there really can't be any quid pro quo going on here, and even if there was, the deceased wouldn't experience any of the economic benefits that might come from it. So why have a will? Why not just invest all the money into a really nice grave stone or plot of land? Perhaps they want their legacy to live on, or maybe they're more altruistic and want to leave the people or causes they care about better off. Maybe they're not a fan of the government, and believe that their money would be better off anywhere other than there.
The idea of a will has been around for ages. One of the earlier examples is the middle eastern version called the waqf. By protecting the deceased's wealth from the government and locking it into an investment of their choosing, the needs and wants of the people were met, and their general welfare went up. As time went on though, the realized benefits began to dissipate. This was because the needs of the people would change, while the money was locked into an investment that was no longer needed. Part of the reason this system was so beneficial to middle-eastern societies is that it provided a framework to direct someone's wealth, as opposed to being collected and used by a government that had its own agenda. However, the structure was too rigid, and the benefits dissipated, and eventually began to work against its original purpose.
The idea of a will that most people have is probably the more western version, and is the one that was talked about at the beginning of this post. This version is more flexible, and allows for wealth to get passed down across multiple generations, and be put to a variety of uses. A will might demand that a portion of their wealth goes to the next generation's college fund, or that it goes to research a cure for some disease.
What one thinks about when putting their will together probably varies from person to person. They might think about what each person deserves, whether each person should get an equal portion, or who their favorites were. Anecdotally, it seems that when the time comes for people to collect their gifts, it more often than not results in a fight over what each person should have gotten. Questions of fairness and what each person actually deserves get asked. The wealth will be distributed, the recipients die, and the cycle will start again.
As some suggest, people are intrinsically altruistic and are bent towards fairness. And I believe this is true. However, we also have tendencies that lean in the opposite direction, and we need to consider both sides when creating a framework to coordinate team production. Simply the way we perceive a situation will impact what we believe to be fair. This being the case, the conflict of the will never be resolved. While the one writing it may be feeling extra altruistic, those on the receiving end will have their own views and opinions that distract from the original intent. After all, more is better. Except when you're dead.
The idea of a will has been around for ages. One of the earlier examples is the middle eastern version called the waqf. By protecting the deceased's wealth from the government and locking it into an investment of their choosing, the needs and wants of the people were met, and their general welfare went up. As time went on though, the realized benefits began to dissipate. This was because the needs of the people would change, while the money was locked into an investment that was no longer needed. Part of the reason this system was so beneficial to middle-eastern societies is that it provided a framework to direct someone's wealth, as opposed to being collected and used by a government that had its own agenda. However, the structure was too rigid, and the benefits dissipated, and eventually began to work against its original purpose.
The idea of a will that most people have is probably the more western version, and is the one that was talked about at the beginning of this post. This version is more flexible, and allows for wealth to get passed down across multiple generations, and be put to a variety of uses. A will might demand that a portion of their wealth goes to the next generation's college fund, or that it goes to research a cure for some disease.
What one thinks about when putting their will together probably varies from person to person. They might think about what each person deserves, whether each person should get an equal portion, or who their favorites were. Anecdotally, it seems that when the time comes for people to collect their gifts, it more often than not results in a fight over what each person should have gotten. Questions of fairness and what each person actually deserves get asked. The wealth will be distributed, the recipients die, and the cycle will start again.
As some suggest, people are intrinsically altruistic and are bent towards fairness. And I believe this is true. However, we also have tendencies that lean in the opposite direction, and we need to consider both sides when creating a framework to coordinate team production. Simply the way we perceive a situation will impact what we believe to be fair. This being the case, the conflict of the will never be resolved. While the one writing it may be feeling extra altruistic, those on the receiving end will have their own views and opinions that distract from the original intent. After all, more is better. Except when you're dead.
I think that wills are an exceptional example of a gift, as it is actually impossible to receive a benefit after the "gift" has been given, since the giver is dead. However, I think there is a lot more to discuss about the giver's incentive to give. I personally believe that one's desire to write a will and distribute inheritance has to do with their own sense of duty and (as you mentioned) legacy. Just knowing that your earthly goods will be distributed a certain way can give you utility, regardless of whether you actually see the distribution of those goods.
ReplyDeleteIt was interesting to hear the background and history of the will. I definitely agree that while some people are altruistic in their wills, others certainly want things done that will give them the most benefit, as in their utility. Overall, a great example of gift giving.
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