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Econ Videos 79 videos

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Econ: What are unlimited wants? 3 Views


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Description:

What are unlimited wants? Unlimited wants is the fancy economic term used to describe the fact that people want more and more “stuff.” The definition also encompasses the problem resulting from people always wanting more and the earth having a limited number of resources available to provide all of this stuff we want.

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Transcript

00:00

And finance Allah shmoop What are unlimited wants Darth Vader

00:07

Voldemort Biff Sarah mon What are these villains all have

00:12

in common Well they're all facing the impossible situation of

00:16

unlimited wants You give all these villains and inch and

00:19

what do they do Well they take a mile and

00:21

they still want more Yeah Unlimited wants is the habit

00:25

of never being content with what you have and always

00:27

wanting more more more Now this wouldn't be a problem

00:30

if everything was infinite Infinite time infinite money Infinite resource

00:35

is But that's just not based on the real world

00:37

There are only so many resource is to go around

00:39

which means that in the real world we're dealing with

00:42

scarcity Mixing unlimited wants with scarcity is like mixing oil

00:46

and water You want them to be compatible but it

00:49

just ain't gonna happen So what while the villains want

00:51

while they want power in order to fulfill their dreams

00:54

For instance Darth Vader didn't want his loved ones to

00:57

die and suffer you know like his mom did Now

01:00

that's something we can all relate to pretty much But

01:03

for most of us well we decide our limited time

01:05

here on earth is just something we have to accept

01:08

But not for Darth His unlimited ones facing scarcity are

01:12

what led him Teo the dark side If we look

01:15

at villains in that light while most villains are actually

01:17

just slaves to their own unlimited wants they can't be

01:20

content in life Which drives them to extreme Yeah poor

01:24

guys When we're not being too self aware we think

01:27

things like Well if only I had the perfect set

01:30

of headphones or if only I made a little more

01:33

money or if only I could take that trip to

01:36

Tahiti Yeah Then I'd be happy And I wouldn't want

01:39

anything else now But the truth is while wanting is

01:42

a habit Once we get what we want we get

01:45

used to it New headphones You're psyched The first day

01:48

and maybe still the first week But by next month

01:51

the newness has worn off and they have that earwax

01:54

smell going on him And now you're wanting something else

01:57

You're on the heat Danek Treadmill a k a He

02:00

Midanek adaptation Welke Danek Adaptation is the tendency for people

02:04

to return to their usual state of happiness pretty quickly

02:07

After a positive or negative change has worn off But

02:10

like many of us Walda Mart is definitely on a

02:13

hedonic treadmill He had a tough childhood in orphanages which

02:16

got him in the habit of seeking what he lacked

02:18

security and admiration He kept getting more secure with all

02:22

those you know Horcruxes protecting him from being killed And

02:26

he kept getting Mohr admiration from all his cult follower

02:29

You know death eaters with each level of increased security

02:33

and admiration Wealthy effects didn't last long and he returned

02:36

to his habit of wanting more security and more admiration

02:39

More more more more It was never enough Alright well

02:42

Voldemort Darth Vader and the rest of them aren't really

02:44

villains They're just insecure guys who would don't know when

02:47

to call it quits They don't know how to get

02:49

off that he danek treadmill of Unlimited wants They just

02:52

can't accept that scarcity is a thing That's why villains

02:57

are always grumpy and flustered and never happy and content

03:00

and well usually lose In the end If that sounds

03:03

like you always grumpy unflustered and never content consider giving

03:06

yourself the gift of self awareness and or coming toe

03:09

work for shmoop You're probably on the hedonic treadmill and

03:12

maybe you should consider stepping off for a bit regardless

03:15

of whether you decide to embody a content Buddha or

03:18

a grumpy villain while unlimited wants in a Scarce World

03:22

is kind of what keeps our capitalist economy churning in

03:25

the big picture the more stuff that's bought while the

03:27

Maur the economic wheels turn and that's good for the

03:30

pocketbooks of everyone Well maybe the habit of unlimited wants

03:33

You know the thing most villains have in common is

03:36

actually the hero of the economy Right Greed is good

03:39

So it's okay Voldemort you do you And we'LL just 00:03:42.833 --> [endTime] reef your benefits How about that

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