How much RAM should my hairbrush have?

Okay, so I never made it back to comment on greed. However, you anticipated where I was going and made your case. Horrifically, I don't think the quality of that conversation suffered from my absence!

I think you make some excellent points on material acquisition. No government is going to lead the way on this one, and I strongly encourage you and our readers to take a look at the voluntary simplicity movement. Sometimes called "mindful living" or "deliberate living," there is already an increasing number of people looking to scale back on what they bring into their lives. Take a few minutes to Google "voluntary simplicity" or check out Voluntary Simplicity by Duane Elgin. Many in movement see this book as the bible. While some people take this concept to its extreme, there is definitely something to be gained by embracing these concepts in our own lives.

The one thing I have to wonder about is whether our modern wants are satiable. From reading I've done over the years, my understanding is that our consumerism has evolved over time. Initially, we bought in order to have life necessities like food, clothing and shelter. At this point, demand for these items would never vanish, and luxury items were rare and expensive. Demand was steady and production was costly. By the time you hit the early 20th century and mass production took root, the ability to satisfy demand emerged as an economic problem. Automobile manufacturers, in particular, recognized that there would soon be a car in every garage, and demand would drop precipitously. In response, they created the era of consumer identity. "Yes, you have a car, but given your latest promotion at work, shouldn't you really upgrade to the Cadillac?" (Feel free to weigh in, AnonEcon. My summary may be inaccurate or overly simplistic. I yield to your expertise.)

This mindset has dominated our economy for most of our lives. Our drive to consume became less physical (I'm cold, hungry, and sick) and became more social (I want to be loved, admired, and respected). But now, I sense another fundamental shift is taking place in our approach to consumption. Slowly, we're forgetting about our physical and social motivations for consumption. We now simply consume to...well...consume.

Ultimately, wants can only be saturated if they are driven by some external purpose with a finite goal. I can have enough to eat. I can feel sufficiently admired within my community. However, when the drive is simply to buy the latest item because it is available, the demand is generated by the creation of the product. The demand is the product. And while there may be a limit to the number of cellphones that I want to own, there is no limit to how many cellphones I will buy sequentially as part of my responsibility to upgrade. Further, since I have no external measure by which to evaluate these upgrades, I must pursue all of them. All enhancements are equal if the goal is simply to enhance.

All that said, I do believe it is possible to reform our consumption. In many ways, this will have to be a personal revolution, one in which the individual shrugs off the mantle of "consumer" and defines a life purpose outside of the market. Consumption will serve our larger goals, not replace them.

Given that this will not be easy, and needs to take place on an individual level, how shall we approach this, AnonEcon? How can we effectively break free from the habit of unnecessary consumption? Will the economy suffer from responsible living, as we are told? Can we afford not to change?