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The Current Economic Crisis in America

Revisit the Conept of "Need vs. Want"

Most of the theories as to how to respond to the economic crisis facing America have to do with ways in which the government may intervene to stimulate growth and provide for individual prosperity. However, any such intervention will provide only a short-term solution to a long-term problem. A fundamental change in thinking is necessary to provide a long-term solution. It is necessary to redefine, at an individual level, the perception of “want vs. need.” As an example, when I first turned on my computer today, it took longer than I anticipated for it to boot up. My first thought was, “I need a new computer.” However, what I actually needed was nothing. I was eventually able to accomplish what I wanted to do, as evidenced by the fact that you are reading this post. I merely “wanted” the computer to boot up faster. It is that distinction that I believe has been lost in contemporary society. Unfortunately, many people have bought into the idea that life dissatisfaction is a result of a “need” not being met, when it is actually being caused by the unwillingness to delay gratification. The concept of working toward long-term goals has been lost in a materialistic race of ever-increasing consumption. This has led to enormous debt and unstable housing situations for millions of people. A solution to this problem is to begin emphasizing goal-setting and attainment in school curriculums. Such an emphasis would reshape the current, valueless materialism evident in society with one in which value is derived from the effort put forth in attaining individual goals.
Contributed by Rod Price

Resources Supporting this Solution

Banking on the Future: Students Get Primer in Economics of Want vs. Need

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