As the job loop became successful, widespread confusion started to set in around consumption. People in advanced economies became obsessed with material progress. Buying more material goods was seen as positive and healthy because it supported more employment, which in turn allowed more people to buy things. All consumption became desirable consumption and policymakers and consumers alike gave up on any distinction between needs and wants. [Reference to “how much is enough?” by Skidelskis here]
Worse yet, we started to engage in so-called positional consumption. If your neighbor bought a new car, you wanted to buy an even newer and more expensive model — whether you needed it to survive or not. Such consumption behavior emerged not just with respect to goods but also to services—think of the $xxxx hair cut or the $xxxx dinner at Michelin starred restaurant.
Psychological Freedom | World After Capital
Interesting to think that a break with the “job loop” (basic income) could have wider impacts, such as environmental impacts as desire for material items decreases, and therefore manufacturing etc declines. And that that could theoretically be less of an issue because the economy doesn’t rely on jobs the same way.
(via nickgrossman)
tinfoilparachute 