Document Type
Article
Abstract
In modern America, consumerism has encouraged people to seek happiness through constant expansion of their material standard of living. Consumerism has led to a growth of status consumption and want-creation, both of which increase consumption without contributing to happiness. Adam Smith observed that lasting happiness is found in tranquility as opposed to consumption. In their quest for more consumption, people have forgotten about the three virtues Smith observed that best provide for a tranquil lifestyle and overall social well-being: justice, beneficence and prudence. Applying the virtues to modern society may decrease overall consumption but will lead to a more satisfied life.
Publication Date
Spring 2008
Journal Title
Major Themes in Economics
Volume
10
Issue
1
First Page
65
Last Page
77
Copyright
©2008 by Major Themes in Economics
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
Language
en
File Format
application/pdf
Recommended Citation
Busch, Michael
(2008)
"Adam Smith and Consumerism’s Role in Happiness: Modern Society Re-examined,"
Major Themes in Economics, 10, 65-77.
Available at:
https://scholarworks.uni.edu/mtie/vol10/iss1/6