•  
  •  
 

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

Creative Commons Attribution-Noncommercial-No Derivative Works 4.0 License
This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 4.0 License.

Language

EN

File Format

application/pdf

Included in

Economics Commons

Share

COinS
 

To view the content in your browser, please download Adobe Reader or, alternately,
you may Download the file to your hard drive.

NOTE: The latest versions of Adobe Reader do not support viewing PDF files within Firefox on Mac OS and if you are using a modern (Intel) Mac, there is no official plugin for viewing PDF files within the browser window.