On the Importance of Slack

This article is on the concept of “slack”: the absence of binding constraints on behavior. Slack comes in many forms, including as time, money, space, others’ goodwill, and support networks. It enables you to weather sudden shocks and avoid crises, or to pursue opportunities and take on risks. It gives you room to fail. Slack is often good for individuals and can create positive externalities for groups. It is not already accounted for in existing treatments of freedom. It is often under threat from several sources, including pressures to optimize, others’ demands, and competition.