This is part 2 of a post I wrote a few months ago. I think this is fundamental and wanted to explain what I mean a little more. I believe that we have too many regulations in place. My friends on the political right tend to agree. But I also agree w/ my friends on the political left that deregulating beyond a certain extent would lead to all sorts of negative consequences (given the status quo). The problem is that we have an economic system in place that requires much more regulation than is ideally necessary. Nor is the system itself the problem. Capitalism works better than any other economic system that’s been tried and can rightfully be credited with lifting millions out of extreme poverty. The problem is the way we practice capitalism.
Intrinsic vs. Extrinsic Motivators and the Need for Regulation
You can think of this as analogous to the way children are raised. On the one hand, you can set up a system of rewards and punishments for everything you want a child to do. Not only in theory but in practice this works to some extent. The child, focused on these extrinsic motivators, can be made to behave or follow the course you’ve charted for him or her. It may take a lot of work and a lot of rewards and punishments but you can steer them along in the way your determined to do.
Alternatively, instead of relying strictly on carrots and sticks, you can teach a child why a certain act or behavior is desirable or not. You can help them to understand why doing good is beneficial even if not immediately. Such children are eventually led to acting in way that is guided by their intrinsic values. In essence, they are self motivated. Whereas they may need some initial investment in time, eventually they need far fewer rewards and punishments to live and function well in society.
Today we Rely More on Extrinsic Motivators
This is not a perfect analogy but, I believe our system is something akin to the first way of parenting. As a result, we have to have many regulations, rules, rewards and punishments in place. The state thus is forced to regulate and enforce. But in the latter way of bringing up children, intrinsic motivators largely dictate actions and behaviors. Of course, we still need rules and regulations but far fewer. Likewise, if we have a system in place that relies more on intrinsic motivators, we tend to regulate ourselves.
Today, many on the political right argue for less regulation while those on the left favor more regulation. The left has seen the consequences of unrelated industry and in my opinion correctly conclude that more regulation is necessary. But, I don’t fall on the political left or right. Just as a child who is largely motivated by extrinsic factors either fails to thrive or shamelessly cheats his or her way through life without regulation, our society is built in a way that requires much more regulation than it ought.
A Better Way that Relies on Intrinsic Motivators
What then would a system analogous to the second way of parenting look like? As I argue in Health in Flames, first it depends on understanding the science of wellbeing and happiness (in essence that the best things in life are free once our basic needs are met). And second, once we realize that there is a concept of having enough in contrast to endless desire for material possessions and acquisitions (i.e. mindless consumerism), the individual feels free to live a happier, healthier, and wealthier life. Workers are then free to work because of their passion for the product or service. They choose not to work for meaningless products just to make more money. In essence, business is less potent and sell less addictive products and services. Business is geared towards solving today’s problems rather than creating problems in the minds of consumers in order to maximize profit.
BOTTOM LINE: THERE IS A BETTER WAY!
- As John Maynard Keynes said a century ago, people of our time ought to be largely independent of our employers for our income – unfortunately, due to “mindless consumerism”, we are not.
- Mindless consumerism is the underlying reason leading to the rise of chronic disease for 3 major reasons:
- It ties us to dependence on our employers and modern day employment is a health hazard for most (in part due to the sedentary nature of most jobs).
- It has led to environmental changes toxic to our wellbeing:
- (a). We evolved in and are best suited to natural environments and instead we live in increasingly artificial environments.
- (b). Overconsumption has lead us to engineer out the need for meaningful use of our legs for ambulation.
- Finally, it transforms workers to work with blinders on – instead of working for the product or service and receiving money as a side effect, workers focus on making money and the product or service is instead the side effect. The results (with respect to health) is that “food” is no longer food but changed to maximize pleasure and extract profit in spite of the toxicity to our health.
- Based on the science of wellbeing one can derive the philosophy that once basic needs are met, “The best things in life are free” therefore —>
- Most people can live far below their means without sacrificing happiness AND by investing the rest, they can become financially independent of their employers enabling them to be —>
- Happier. Healthier. Wealthier. More engaged. Simply better.
