Economic Mobility, Materialistic Pursuit and Well-Being

Many people's desire to achieve economic success is often driven by their materialistic longings. This is consistent with a fact that the majority of Americans have a value system called materialism that emphasizes the importance of material possessions and acquisition in their lives. Although materialistic people tend to work harder and have higher incomes than nonmaterialistic people, empirical evidence shows that materialistic people experience lower well-being.

Two Bubbles and a Plague

The adage goes that history repeats itself. Today we are witnesses to a global pandemic that has caused a near asphyxiation of economic activity, killed many thousands and made financial markets highly volatile. This year is the ter-centenary of a somewhat similar scenario which may be categorised as two bubbles and a plague. The bubbles were those of the Mississippi System in France and the South Sea Bubble in Great Britain. The plague was that which devastated the population of Marseille and its surrounding areas in the second half of 1720.