72 - The Power of Mimetic Desire | Luke Burgis

Jul 5, 2021

Luke Burgis, author and entrepreneur, dives into the fascinating world of mimetic desire, discussing how our desires are often shaped by those around us. He explores its profound influence on human behavior, market dynamics, and the crypto landscape. The conversation covers how mimetic desire affects everything from personal choices to the selling prices of NFTs like CryptoPunks. It also highlights the tribal nature of cryptocurrency communities and offers insights into how understanding this phenomenon can reshape our approach to value and wealth in the digital age.

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INSIGHT

Mimetic Desire

Mimetic desire, coined by René Girard, describes how humans imitate others' desires, often subconsciously.
This makes us mimetic creatures, where others' wants validate our own, influencing our values.

INSIGHT

Maslow vs. Mimesis

Maslow's hierarchy of needs doesn't account for mimetic desire, which permeates all levels.
Even basic needs like water are now subject to mimetic desire, influenced by brands and marketing.

INSIGHT

Abundance and Scarcity

In today's abundant world, mimetic desire reintroduces scarcity by making us compete for the most desirable goods.
This shifts focus from basic needs to nuanced desires, shaping trends and culture.

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Luke Burgis is an author, entrepreneur, and professor. In his new book Wanting, Luke discusses the mimetic (mimicking) roots of our desires and behaviors. Viewing our species from this lens yields a vast wealth of insights about the nature of society, and we discuss how the internet (and crypto) pose to dramatically shift our understanding of these things.

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BANKLESS PODCAST #72: The Power of Mimetic Desire Guest: Luke Burgis

When we explore what crypto is all about, it often brings us back to the fundamental questions. What is money? What is value? What are the characteristics of a good society? In our conversation with Luke Burgis, we dive even deeper: what drives our basic desires and behaviors? Luke makes an incredibly compelling argument that the root of our wants and perceived needs derive from Mimetic Desire -- the idea that we look to others and mimic what they do.

Mimetic desire appears to emerge among all successful social species. As humans, we learn how to exist in a society by observing and processing those around us. Our parents, friends, and communities at large all collectively inform how we perceive the world around us. In this model, the individual melts away, and instead, we become interdependent nodes in a network of ideas, ideologies, actions, and behaviors. We often want things because others want them. Although rationality certainly plays a role, it takes a back seat to the more immediate and salient driving forces of mimesis.

How does this relate to crypto in particular? Well, mimesis certainly drives the patterns we find in markets: speculation and adoption are both functions of mimetic desires. This model also applies more broadly when we consider the coordinative power of the internet and blockchains. If we accept mimesis on the aggregate and individual scale, we can more fully grasp the scale and scope of these new social and economic technologies.

Hot off the release of his book 'Wanting: The Power of Mimetic Desire in Everyday Life,' Luke is fascinated by the potential of blockchains to revolutionize how we interact and function as a species and society. However, Mimetic Desire won't be going anywhere anytime soon.

------ Topics Covered:

0:00 Intro 6:50 Luke Burgis 9:05 What is Mimetic Desire? 16:25 Modeling Desire 23:35 Coping with Abundance 27:19 Collective, Shared Desires 31:30 Genes & Memes 37:25 Mimetic Desire & Memes 45:20 Subjective Scarcity & Rivalries 54:24 The Internet & Mimetic Desire 1:01:00 Bitcoin and The Role of Money 1:12:10 Wealth is What You Want 1:17:43 Markets, Bubbles, Mania 1:26:58 Rivalrous Communities 1:33:00 Mimetic Bubbles & Reflexivity 1:39:45 Algorithms Determining Outcomes 1:43:49 Legitimacy 1:48:40 What about Rationality? 1:52:22 The Take on Crypto 1:55:20 Closing & Disclaimers

------ Resources:

Luke on Twitter https://twitter.com/lukeburgis?s=20 Luke’s Newsletter https://read.lukeburgis.com/ Wanting on Amazon https://www.amazon.com/Wanting-Power-Mimetic-Desire-Everyday/dp/1250262488/

------ Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures