Choosing vs Being
Economics assumes that choosing things to own/use/have/do is the way to be happy. The error of conflating a science of choosing with a science of happiness is holding back progress for our profession and for humanity. TLDR=There is more to a happy life than making good choices. Post-scarcity moderns are enthralled with lists of best foods, best music, best people. Fear of missing out (FOMO) threatens the tranquility of every present moment. Day after day, people re-experience that the anticipated shiny new object which they thought would bring so much joy leaves them no better off. This repeated experience is called the hedonic treadmill. Economists teach about this fact of life, and we have theories for it, but we still stick to the basic idea that happiness comes from choosing. Choosing in economics is referred to as “utility maximization” and written in math as Max U( C). This is read as “max yoo of cee” where U stands for utility or happiness and C...