Doomed to Consume? Non-satiation as a Flaw in the Current Economic Paradigm and What Communities Can Do About It

Abstract

AbstractThe axiom of insatiability within economic theory states that needs, wants and desires can never be satisfied. This axiom drives the utility function upon which most economic policy is based. Non-satiation is not a natural human condition but rather a theoretical and cultural construction. Non-satiation is a myth that has been taken as truth in traditional economic theory. In this paper, we deconstruct the myth of non-satiation and relate its impact on the goals of human well-being and sustainable development. This paper is written for community organisers and change agents with the goal of helping them to understand a foundational premise driving the current economic paradigm and what they can do about it. In this paper, we explain some basic economic theory in simple terms for the reader who is not a trained economist so that they may gain an understanding of the underpinnings of economic theory that drives current economic policies and practices, and inspiration for changing the dominant economic paradigm.