A great video to kick off your morning, refuel your afternoon or close your evening curtain. It showcases the link that connects Economics to other disciplines like Psychology by relating the Maslow’s hierarchy of needs (proposed by Abraham Maslow in his paper “A Theory of Human Motivation” in Psychological Review journal) to the direction of growth of Capitalism.
Maslow proposed the idea that there is order to human needs and wants, starting with:
1. something as simple but crucial as basic needs (food, water, shelter, air…) that allow us to function,
2. to safety needs,
3. to the need to be loved and included,
4. to the need of feeling respected,
5. and last but not least, the need to realize one’s aspiration and unlock one’s true potential (the ideal and ultimate goal of life).
Economic development through whatever means (but mostly the prevailing capitalism), likewise, seeks to achieve these goals and normally break them off into steps/sub-goals.
In business, this will also serve as a pool of ideas, an inspiration for you to invent and innovate.
In the context of our current topic of discussion, this fits perfectly, and thus, I hope it aids you in your thinking of where priorities should lie at each stage of economic development.
Credit goes to The School of Life channel on youtube: