Post-Materialism

Learnt a new term "Post-Materialism" in today's Sunday Times article taken from the New York Times. The article provides a glimpse into the book written by Tyler Cowen named "The Great Stagnation". The author perceives that the US is facing a slowdown or plateau in economic growth because the belief that earning more money brings about a higher quality of life no longer holds true for many people there. These people have a post-materialism mindset which focuses more on living a meaningful life and one of diverse experiences. Comparisons are made between a man born in 1900 and one in the late 1970s, where the former believed the good life could be attained if he earned more income to purchase products which offered material comfort for him and his family. This fuelled consumerism and propelled industrial growth which provided jobs, income and economic growth. This is in contrast with say his grandson who is in his 20s or 30s who loves Facebook, You-tube, Wikipedia which all cost nothing and are provided by people for free. He also prefers holidays which bring him exciting experiences rather than the luxurious comfort of a resort.

I recall my daughter telling me about her classmates in US suspending their education for a year of two to pursue new experiences. This includes volunteering in overseas humanities projects or with some NGOs etc. It makes me think that with affluence young people may be quantum-leaping up Maslow's hiearachy of needs, ie. going for self actualisation even before mid life. I guess it is not such a bad thing after all but I do wonder how life pans out for them. So may be you go round the world, gain a broader perpective and world view and then decide what you want out of life.

Anyway I do not think this is something Singapore is facing. The fact that we are having double digit growth and looking at how alive and kicking consumerism is amongst our young people, I think we are not at "Post-Materialism" phase yet. So the government has a easy task by just fuelling their appetite. However I guess with those wealthy baby boomers who rode on the economic boom, this Post-Materialism mindset may be something they can relate to when they discover that the new Benz or luxurious cruise only excites them briefly and at the back of their mind they are constantly wondering what will really help them achieve a "better" life.