Home > Behavioural Economics > J.Cole and the Hedonic Treadmill

J.Cole and the Hedonic Treadmill

Below is a very good video from rapper J.Cole in which he talks about the insatiable demand for material things and how it will never make people happy.

Affluent youth in the USA have rates of depression and anxiety which is more than twice the national average. Wealth has been linked to high rates of depression, anxiety, psychosomatic issues and self-mutilation. It seems that the very wealthy have the same problems as the rest of us but only on a much larger scale. A research paper from Boston College entitled “Secret fears of the super-Rich found that the top fears of the rich are:

  1. The rich need increasing amounts of money to make them feel financially secure.
  2. They feel isolated and don’t share their concerns or stress as they will sound ungrateful.
  3. Thy worry that their children will become spoilt by inheriting so much wealth or resentful if its too little.
  4. You are unsure if your friends genuinely like you or your money
  5. There is constant dissatisfaction with consumption as something better / new is always being launched. They can’t get off the hedonic treadmill
  6. Parents are concerned that money will rob their children of ambition and getting a job.

“ONE OF THE SADDEST PHRASES I’ve heard,” Kenny says of his time counseling the wealthy, is when the heir to a fortune is told, “‘Honey, you’re never going to have to work.’” The announcement is often made, Kenny explains, by a rich grandparent to a grandchild—and it rarely sounds as good to the recipient as to the one delivering it. Work is what fills most people’s days, and it provides the context in which they interact with others. A life of worklessness, however financially comfortable, can easily become one of aimlessness, of estrangement from the world. The fact that most people imagine it would be paradise to never have to work does not make the experience any more pleasant in practice.

The Atlantic 

 

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