Explain:

Before economic growth, there were too few goods, after growth, there is too little time.
It is irrational for an individual to take the time to be completely rational in economic decision making.
Telling Satnt what you want for Christmas makes sense in terms of utility maximization.

Explain “Before economic growth, there were too few goods, after growth, there is too little time.

Before economic growth, there were too few goods, after growth, there is too little time:

To understand this statement, we need to consider the concepts of scarcity and economic growth. Scarcity refers to the limited availability of resources relative to their demand. In the past, before economic growth, there were fewer goods available due to limited production capabilities. As a result, people had to prioritize their needs and make do with limited resources.

However, as economies grow and develop, the production capacity increases, leading to more goods being available in the market. This abundance of goods provides individuals with a wider range of options and choices. Instead of having too few goods, they now have access to a larger variety of products and services.

On the other hand, while the availability of goods has increased, time remains a limited resource. No matter how much economic growth occurs, the number of hours in a day remains constant. As a result, individuals may feel that there is too little time to fully enjoy or take advantage of all the goods and opportunities available to them. This can create a sense of scarcity in terms of time, even if there is an abundance of material goods.

It is irrational for an individual to take the time to be completely rational in economic decision making:

When it comes to economic decision making, being completely rational would require individuals to consider and evaluate all available information and potential outcomes before making a choice. While this may sound ideal, in reality, it can be time-consuming and impractical.

In many situations, individuals make decisions based on limited information, imperfect knowledge, or simply rely on heuristics (mental shortcuts) to simplify the decision-making process. This is because there are often constraints on time, energy, and cognitive resources. Moreover, the cost of gathering and processing all the relevant information needed to make a completely rational decision can outweigh the potential benefits.

Instead, individuals often rely on bounded rationality, which means making decisions that are "good enough" or satisfactory, rather than optimal. This approach allows individuals to make efficient decisions that meet their needs under the given circumstances without investing excessive time and effort into the decision-making process.

Telling Santa what you want for Christmas makes sense in terms of utility maximization:

Utility maximization refers to the idea that individuals strive to maximize their overall satisfaction or well-being when making decisions. In this context, telling Santa what you want for Christmas can be seen as a rational choice if it helps to maximize your utility.

When you communicate your desired gifts to Santa, you are essentially indicating your preferences and desires. By doing so, you increase the likelihood of receiving gifts that align with your preferences, which can result in higher satisfaction or utility.

However, it is important to note that individual preferences and utility can differ, and what brings satisfaction to one person might not be the same for another. Therefore, expressing your wishes to Santa may enhance your utility only if Santa has the ability and willingness to fulfill your desires and if the gifts received align with your personal preferences.