Starting a day without sipping coffee for me is unimaginable. Starting with coffee the list of what I consume daily almost looks endless. While consumption is essential for life, I am not sure if my cup of coffee is essential or an indulgence. Further, my consumption is not just to meet physical needs, but more of it addresses my psychological needs like the You-tube subscription for ad-free music. Analyzing my consumption, I see it in four baskets of physical and psychological goods, further divided into basic essential needs and evolved indulgences or wants.
Physical needs: Food, clothing and shelter are human needs we cannot do without. In modern urban life clean air, pure water, and basic sanitation enter the list. While these are not new, it was taken for granted earlier. Though not essential for survival, education and healthcare complete the list.
Physical wants: Conversion of luxuries into essentials is the hallmark of economic progress. It has two facets: one, of new needs like two and four wheelers for transport, and comfort goods like air conditioners, furniture, and phones. The other, is for better-quality and exotic variety goods to cater to our quest for novelty. With technology, this list is growing endless at a rapid pace, visible in our mobiles.
Psychological needs: The sense that today and tomorrow will be as good as yesterday if not better is what most minds seek. This translates to a safe and secure environment, where an individual can pursue their interest without interference. In addition, adequate reserves to meet contingencies enhances our peace of mind, a basic psychological need.
Psychological wants: Psychological luxuries are the quest for adventure seen in pursuit of challenging physical or intellectual goals or chasing novelty to make life interesting. It often takes the form of participation in endurance events like marathon or iron-man contests, or honing self-expression skills like dancing, singing writing, or painting or ticking off items in bucket list.
With limited time and resource, it is ideal to fulfil the needs first before pursuing wants? While there can be no compromise on the needs, regarding wants, is lesser the better for a superior quality life?
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