Why Isn't Wealth Making Us Happier?

In an era where technological advances and economic growth were expected to bring happiness, discontent still pervades.

Observations on Modern Prosperity

Over the past two centuries, humanity has made unprecedented strides in wealth and health, yet societal unrest lingers. Today’s world boasts better health and longer lifespans, yet modern life often feels uncertain. Anxieties amplify, politics grow more fragile, and the goal of advancement appears ever elusive.

The Perspective of Brad DeLong

On these paradoxes, few understand better than Brad DeLong. An economic historian from UC Berkeley and writer of 'Slouching Towards Utopia,' DeLong explores the complex narrative of the 'long twentieth century'—a time when technological shifts transformed every facet of existence.

In a conversation on The Gray Area, DeLong discusses the contrasting aims of accumulating riches versus living well, questioning if current political systems can navigate yet another transformational age.

Questioning the Purpose of Progress

One approach to defining progress starts with identifying fears. Political philosopher Judith Shklar noted that liberalism emerged as a defense against feared systemic flaws, aiming to reduce suffering and injustice.

Similarly, progress economically can be viewed as overcoming the harsh reality of our past, particularly the Malthusian era marked by high child mortality, and poverty fraught with hunger and vulnerability. True progress began when these issues were addressed.

Yet once basic needs are met, how much further should we chase growth? In times of abundance, the chase for material wealth sometimes obscures the pursuit of a life that's meaningfully lived.

Freedom Within Wealth

It's critical to distinguish sheer happiness from living a well-lived life with our resources. Freedom is essential to this distinction.

Political and economic structures should ideally foster environments where individuals are free to pursue fulfillment in their own terms. Ironically, today's array of choices and consumables doesn't always equate to genuine autonomy.

What's alarming is the pervasive feeling that unseen forces dictate our lives—be it bureaucracies, markets, or digital algorithms—leaving many without a genuine sense of control.

The Uneven Path of Progress

Since the late 1800s, advancements have repeatedly doubled generational capacity for production and nature manipulation. However, these gains weren't uniform. Some sectors of society see gradual enhancements, while others undergo transformations so rapid they upend familial and societal frameworks.

Managing these changes has been variable. While the post-WWII era found a balance between growth and stability, earlier parts of the 20th-century struggled with wars and ideological divides.

Reassessing Life's Meaning

With the achievement of reasonable comfort, an introspective question arises: What is the true purpose of life? As traditional religious doctrines lose sway, finding meaning in modern society becomes increasingly challenging.

Optimism for the future exists, spurred by cleaner energy and swift innovation. Yet, contemporary challenges remain in fluctuating trade landscapes and fragile democracies.

The Winds of Change

Global tailwinds appear strong. Historical point markers, such as Mao’s death or India’s industrial rise, contributed to massive evolutions in poverty reduction and development. These shifts grant more individuals the privilege of contemplating lives beyond mere survival.

AI: A Double-Edged Sword

Artificial intelligence has already started enhancing personal experiences through better research capabilities. But its potential for misuse, through distractions or data exploitation, shadows its benefits.

Despite investments and possible economic missteps, AI’s real-world applications exist and will expand human potential if managed correctly. Distributing these advancements widely hinges on effective institutional guidance.

Fostering a Beneficial Future

Attention is needed to those obstructing technological advancements for self-serving motives. Whether to preserve monopolies or due to valid lifestyle threats, political systems must navigate these resistances thoughtfully to prevent unjust power consolidation while aiding those genuinely impacted without fault.

Handling these dilemmas isn’t new; however, a newer concern is the perception disruptions in truth and reality, intensified by manipulative information networks. The challenge involves restoring faith in democratic representation and fact-based realities.

Defining the Current Century

The 21st century could well be characterized by shifts, not only in economic gravity towards previously developing regions, but also in how we manage attention to critical issues amidst overwhelming distractions. Navigating this terrain could define our period more than simple growth did before.