“How much is enough?”  is a deceptively simple question and one which appears easy to answer. It is also a perennial and vital question as many of our actions, as individuals or as societies, have as their intention either the reduction of want (when there is not enough) or the control of waste and excess (when there is more than enough). However, as this book reveals, it is quite clear that currently we really have little idea of “How much is enough?”

The book is written by father and son academics how-much-is-enough-skidelsky(in Economics and Philosophy respectively) and, in part takes as its starting point the 1930 essay by John Maynard Keynes “Economic Possibilities for our Grandchildren”. In this essay Keynes believed that by 2030 capitalism would be hugely successful at generating wealth (which has been the case) and much more productive, requiring less labour, so we would all have much more leisure (which has not been the case). Indeed, as our wealth has increased so has our workload; it appears now that as we have more we also want more. We seem to have become an insatiable society and our wants no longer have limits.

“The question is: why do people who ‘have everything’ always seem to want more?”

Skidelsky, Edward. How Much is Enough? (p. 34). Penguin Books Ltd.

Some of this is due to the modern functioning of capitalism which valorises growth over all things. Growth and increasing consumption are the motors which drive our development. We assess our needs and wants ‘relatively’, that is, we determine our needs and desires on the basis of comparison with others. Our happiness and status arise from our position in relation to others, meaning that we will never feel we have enough and also meaning we will never feel truly happy.

 

“It is not just that we want more but that we want more than others, who at the same time want more than us; this fuels an endless race.”

Skidelsky, Edward. How Much is Enough? (p. viii). Penguin Books Ltd.

“The American combination of social equality and income inequality has since become the capitalist norm, leading to a situation in which every member of society is in a sense competing against every other.”

Skidelsky, Edward. How Much is Enough? (p. 40). Penguin Books Ltd.

In an interesting chapter they discuss the types of good which will often keep this spiral of increasing consumption moving. They discuss “bandwagon goods“, these are goods that people want as everybody has them (e.g. Mobile phones, microwaves). Envy and social conformity drive the desire for them. Then there are “snob goods“, these are goods that most people do not have (e.g. exotic holidays, cult films). Here the desire is to stand out from the crowd. Often successful snob goods will change to become bandwagon goods. Then there are “Velben goods“, these are goods which are expensive and known to be expensive (e.g. Rolex watches, Apple watches). These goods act as advertisements of the owner’s wealth.

These trends to the constant amassing of wealth might not be a concern if we knew what to do with our wealth. If our wealth allowed us to live a “good life“, then it would clearly be a boon. If we knew what was a “good life”, then we would know when we had what we required to live it. In essence, we would know “how much is enough ?” We seem unable to agree on what constitutes “the good life” therefore we continue to want and seek more wealth without thinking ‘what is this for?” It leads into the danger of loving money and wealth rather than what they provide.

All the ancient civilizations and all the main religions warned against the “love of money”. It was felt to corrupt the individual and also all of their actions; from Aristotle to Adam Smith greed and the love of money were major problems which endangered society. In prior times, until our present increasingly secular society, religion could act as a counterbalance to capitalism’s drives – the fears of being thought a sinner through avarice or gluttony, coupled with the need to display charity, may have tempered some of the excess.

 

“Money is the one thing of which there is never enough, for the simple reason that the concept ‘enough’ has no logical application to it. There is perfect health and happiness, but there is no perfect wealth.”

Skidelsky, Edward. How Much is Enough? (p. 75). Penguin Books Ltd.

The old civilizations of Europe, India and China all shared a basically Aristotelian outlook, even if it was not drawn from Aristotle. All viewed commerce as properly subordinate to politics and contemplation, while at the same time recognizing and fearing its capacity to subdue these other activities to its own end. All regarded the love of money for its own sake as an aberration. Such agreement between three great and largely independent cultures ought to give us pause.”

Skidelsky, Edward. How Much is Enough? (p. 86). Penguin Books Ltd.

Unfortunately the brakes, that these older views may have given, are now off. Our consumption and growth continue ever upward. There is no doubt that this has pulled millions out of poverty and destitution and that there are areas of the world that still need development. However, developed countries are witnessing increased personal harm from this continued greed – alcohol deaths, drug death, obesity deaths all have increased as have prescriptions for antidepressants and anxiolytics – our affluence is not continuing to buy happiness. Further, our continued consumption and production of waste now threatens the very existence of our habitat and our species. If this book prompts more people to consider “How much is enough?” it will have served a very valuable purpose.

4-out-of-5-stars


“Better is a dinner of herbs where love is, than a stalled ox and hatred therewith”
Proverbs 15:17

 

2 thoughts on “How Much Is Enough? By Robert and Edward Skidelsky

  1. As the daughter of very wealthy, very hedonistic parents, I grasped early on that money definitely did not produce joy. It takes very little to have enough. As I told my daughter when I was raising her alone–we have a roof and plenty to eat. Always a good thing to remember when so many don’t.

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