A recent study challenges the long-held belief in economics that humans have unlimited desires and constantly strive for more wealth. Researchers from the University of Bath surveyed 8,000 people from 33 countries and found that the majority of respondents in 86% of the countries said they would need $10 million or less to live their ideal life. In fact, in one country, the majority of participants said they would only need $1 million. The study, published in the journal Nature Sustainability, suggests that the desire for unlimited economic growth and individual wealth has negative impacts on both people and the planet.
The idea that humans have unlimited needs has influenced not only economic theory but also government policies, advertising, and consumer behavior. However, the study’s findings challenge this notion and suggest that people’s desires are not infinite. The researchers found that those with unlimited desires tended to be younger, urban dwellers who valued success, power, and independence. They were also more common in countries with greater acceptance of inequality and in more collectivist societies.
The study’s results have important implications for economic and social policies. The pursuit of unlimited economic growth and individual wealth has been linked to negative environmental and social outcomes. By recognizing that people’s desires are not infinite, policymakers can focus on creating more equitable and sustainable economic systems that prioritize well-being over endless growth.
In conclusion, the study challenges the long-held belief in economics that humans have unlimited desires and constantly strive for more wealth. The majority of respondents in 86% of the countries surveyed said they would need $10 million or less to live their ideal life, suggesting that people’s desires are not infinite. The study’s findings have important implications for economic and social policies, highlighting the need for more equitable and sustainable economic systems that prioritize well-being over endless growth.
