Roberto Verzola on the Demand Side of Abundance

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==The 3 SAT’s:

"The following concepts will help show that needs and wants can remain within finite bounds:

  • Satiation: Many economists still cling to the hedonist principle that „more is always preferred to less. But some acknowledge, at least in theory, that a satiation level exists for some, if not most, goods. Varian, in particular, says that most goods have a satiation point and that „you can have too much of nearly anything,” which contradicts the „unlimited wants” assertion in most definitions of economics
  • Saturation: Beyond the saturation point, one's body either will become incapable or will involuntarily reject additional servings of food and drinks. One can only wear so many clothes, or shoes. One can listen to only so many CDs or watch only so many videos.
  • Satisficing: Even before we reach our satiation or saturation levels, we may already reach our satisficed level, in which the quantity we have of a particular good or bundle of goods already suffices to satisfy, and beyond which we would only weakly prefer more.13 In contrast to satiation, which results in a strictly lower preference beyond the bliss point or satiation level, points beyond the satisficing level are either equally preferred or only so slightly or weakly preferred that it does not make a difference.

(http://www.i-r-i-e.net/inhalt/011/011-full.pdf)


Source: Verzola, Roberto. 2009. “21st-Century Political Economies: Beyond Information Abundance”. The International Review of Information Ethics 11 (October).