Is continual economic growth the key to well being? Does economic depression lead to misery? The Australian historian and former academic David Potts says No.
Potts researched the Great Depression and gathered 1200 interviews plus scores of autobiographies and presented his findings in a book, "The Myth of the Great Depression."
He discovered that many of those who experienced the 1930's depression spoke of the time with great affection, claiming that the struggle gave their life meaning. People bond with each other at times of threat. This bonding, he argues, is the stuff of happiness.
In other words, once basic needs are met, our working together for a sense of purpose greater than ourselves leads to more happiness and well being than money alone. It is not just money or social bonding that makes for greater happiness, it is both.
Indeed research has shown that families of wealth are more likely to maintain their wealth when they provide community service. My very favorite example of this kind of business is "Newman's Own," developed by the late Paul Newman. All profits go to charity. He has funded numerous camps for children suffering from terminal illness. As his business continues to expand, and his legacy continues to grow. We have a social conscious. Research shows that consumers are more likely to spend money on businesses that have a charitable outreach than a business that focuses on profit alone.
Negative events, such as the downturn in our economy, do not need to be a threat. Instead, it can be a stimulus for growth. We can empower ourselves and gather our resources to develop business structures that better meet the needs of all. Rather than one or the other, it can be both. Now, isn't this much more attractive?
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