Since early November of 2022, when the cryptocurrency exchange FTX went bankrupt, there has been growing criticism of a movement for which Sam Bankman-Fried (SBF), founder and CEO of FTX, was a sort of mascot: effective altruism. Broadly speaking, this is the idea that people should take a rational approach to charitable efforts, rather than a sentimental approach. Empathy can lead us astray, appealing to our cognitive biases, like the availability heuristic, recency illusion, mere-exposure effect, the streetlight effect, and others. A touching story about a single person can move us to act better than any statistics about the suffering of millions. As such, instead of following our emotions, we should seek to get the most bang for our buck with our charitable efforts, i.e., save the most lives and do the most good with our donations of time, money, and resources. This means that the problems we address, and the means of addressing those problems, should be considered rationally and scientifically, going based on what the numbers tell us will do the most good, even if it doesn’t immediately give us that fuzzy feeling we achieve from helping the single person with the touching story. Since the downfall of SBF, this philosophy has garnered some criticism, often with what seems like more than a hint of schadenfreude.
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