You know how all sorts of people (not just idiot lefties , there\’s a surprising number of rightist economic nationalists who make the same gross error) say that it\’s only manufacturing that counts in some manner. That it\’s only the production of material goods that producecs real wealth?
Poppycock, of course, as this finding shows.
Psychologists have found that people who spend their money on simple experiences such as going to the theatre, dining out or taking adventure holidays tend to be happier with their purchases than those who buy material possessions, regardless of how much they spend.
"We don\’t tend to get bored of happy memories like we do with a material object," said Professor Ryan Howell, a psychologist at San Francisco State University who conducted the study.
"In life experiences, the only thing left afterwards is a memory of the event, but this tended to give people a greater sense of vitality and of being alive, which is satisfying the higher psychological needs that humans have. Material items did not do that to nearly the same extent.
"It is an extension of basic need theory, where purchases that satisfy psychological needs produce the greatest wellbeing. It shows that if you use money in the right way it can make you happy."
The aim of the economy is of course to satisfy the maximum number possible of human desires with the resources available. As the above shows, the production of services does this better than the production of goods, once we\’re past a certain basic point of material goods availability.
Thus we should have been doing exactly what we have been doing: producing more and more services while holding manufacturing production roughly constant. After all, that\’s what satisfies the higher psychological needs that human beings have which is indeed rather the point of it all, isn\’t it?