Consumerism vs. Materialism
Andrew Chamberlain notes an interesting paper [PDF] which appears to show that we become happier as we shift our consumption from goods (manufacturing) to experiences (services). Andrew summarizes:
1. Experiences are more open to positive reinterpretation later than goods?we tend to be nostalgic for even our worst vacations, for example;
2. Experiences are more central to our identities?life is literally the sum of past experiences, not past purchases; and
3. Experiences have greater ?social value.? Sharing them helps us form more satisfying relationships that lead to happiness?think of the difference between a bar-room story about your European backpacking adventure vs. your new Sony flat-screen.
Keep that in mind next time you hear complaints that our shift toward services represents a ?hollowing out? of the U.S. economy.