Maslow’s Hierarchy of Needs
As students, we each have our own individual needs that need to be fulfilled to keep us happy and motivated for the journey that is university
- Abraham Maslow (1934) proposed a ranking of our needs, as shown by the pyramid.
From an economist's point of view...
Our overall level of happiness increases when these needs are satisfied and as we progress up the pyramid.
- Our basic needs are largely fulfilled by money
- However, moving up the pyramid, money becomes less of an influence on our overall level of happiness
- This relates to diminishing marginal returns
"Our basic needs can be met by money"
"But moving up the pyramid - money has a lower influence on our overall level of happiness"
"Self-actualisation stimulates the desire for more -we always want something we can't quite reach"
"He is richest who is content with the least, for content is the wealth of nature" - Socrates