In the early stages of the Great Depression, Herbert Hoover created the Commission on Recent Economic Changes to study consumer demand in the face of colossal economic headwinds. Hoover later said
“The survey has proved conclusively what has long been held theoretically, that wants are almost insatiable. That one want satisfied makes way for another. The conclusion is that economically we have a boundless field before us. That there are new wants which will make way endlessly for newer wants as fast as they are satisfied.”
In many ways, Hoover was wrong as, in a Maslovian kind of way (Hierarchy of Needs theory), physiological needs become predominant when our safety is at risk. Yes, a want may pop up, often as a distraction, but being able to distinguish between a comfortable want and a nourishing need might be a sign of maturity or wisdom.
Sometimes it takes a rumbling of the economic engine to force us to distinguish between our wants and needs….and, if we want a real revelation, even distilling whether our needs are truly needs.
Thoreau suggested, “For a man is rich in proportion to the number of things which he can afford to let alone.” Not bad advice in stagflationary times.
P.S. You are cordially invited to join me for a Free Live Event with Blake Mycoskie, the Founder of TOMS Shoes, on September 22nd from 3-4 pm P.T. | 6-7 pm E.T.
Enjoy an incredibly intimate and vulnerable conversation with Blake as he reflects on the impact of conscious entrepreneurship and the gifts of focusing on his family.
You will learn:
- Blakes’s biggest lesson in the TOMS experience
- Advice for social entrepreneurs
- How to find purpose every day
