#707 - Morgan Housel - 9 Timeless Lessons About Human Psychology
Modern Wisdom
The Tocqueville Paradox: Managing Expectations for Joy and Happiness
The Tocqueville Paradox describes the phenomenon where as living standards rise, people's expectations also rise and overtake the actual living standards. At the micro level, individuals experience this too, where getting a raise leads to an immediate adjustment in expectations for housing, cars, vacations, etc. Managing expectations and recognizing the joy comes from the gap between circumstances and expectations is emphasized. The constant readjustment of expectations, driven by envy and societal comparison, leads to a perpetual feeling of dissatisfaction. However, this dissatisfaction is the driving force behind innovation and progress, both at the individual level and in society.
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