"He who is not contented with what he has, would not be contented with what he would like to have," attributed to Greek philosopher Socrates.
Greed, defined as an excessive desire for wealth or goods, at its worst, trumps rationality, judgment, perspective, and it can cause damage. Many psychologists say it's a primal impulse--a biological instinct for survival. They suggest that the urge to work, fight, protect, collect possessions, tools, food, meat, shelter, and even a mate keeps people alive. But, they also say, that at a certain point, greed does an about-face, with diminishing returns.
According to a 2010 study at Princeton University, the correlation between wealth and happiness is about $75,000. Counting for inflation, that is $94,348 today. Happiness starts to decline as earnings continue to rise and stress, anxiety, and social isolation increase. It is the point when greed begins to grow.
The culprit is dopamine. It's a chemical in our brain that when activated by greed makes you feel good. The more dopamine gets released, the more the pleasure centers in the brain are activated. This can eventually lead to being addicted to greed. Through magnetic resonance imaging, neuroscientists observe that monetary gains such as closing a deal or having your salary raised can trigger the same brain chemical circuitry that compels addicts to partake in cocaine, heroin, nicotine, overeating, or gambling. And, as with addicts, when not constantly rewarded, the person feels let down, disappointed, empty, and craving.
It doesn't take long before even the threat of financial loss will trigger an unhealthy shift in the brain. Adrenaline and cortisol get released into the bloodstream elevating heart rate, blood pressure, and expanding alertness. Once you've experienced the dopamine rush that comes from greed (making unneeded money, closing a sale, winning the lottery, etc.) your brain can't help but want those rewards again. Not getting them makes you feel far worse than before.
Those who work hard for their wealth often go through an enabling process of justification and entitlement. They abandon the interests and feelings of those left behind and become detached from the reality of most people's lives. According to Mark Buchanan in New Scientist, the addiction to dopamine partially explains why the newly rich especially are prone to take risks and partake in unethical behavior to achieve rewards they don't need. Since 1974, seventeen banking-related crises around the globe were preceded by periods of extreme financial growth and prosperity, real-estate booms, and bull stock markets set off by people fanning dreams of excessive wealth.
The good news is that we don't have to be dominated by our brain's chemistry and can re-learn more socially beneficial responsive behaviors. Strategies can be adopted to make us happier and healthier while remaining financially secure.
The opposite of greed is generosity, which also affects the brain. Generously giving of yourself and or money to help others is something most people enjoy doing. Brains scans show that the act of giving itself triggers areas in the brain linked to altruism to light up. Generosity also serves to diminish activity in the amygdala, the area that processes emotions and sends stress signals to the hypothalamus telling the brain to enter a fight-or-flight mode. There's increased activation of the amygdala in people who are stressed, phobic or have PTSD.
Inagaki and Ross at the University of Pittsburgh were curious to see if there were any health benefits from giving. Their studies conclude that the human drive for social connections benefits those who act in the service of others' well-being. "Targeted forms of support-giving, such as support to people we know are in need," is a particularly good way to activate the amygdala and reduce stress.
"To know thyself is the beginning of wisdom," a quote attributed to Socrates, points out the importance of recognizing the limits of your own wisdom and understanding. Know what you are and what you have yet to learn. "Know thyself" was inscribed in the forecourt of the Temple of Apollo at Delphi according to Greek writer Pausanias. Two other maxims on opposite walls were "surety brings ruin" and "nothing to excess."
I leave with these thoughts.
References:
McGowan, K. (2019) The Neuroscience of the Seven Deadly Sins. Discover. retrieved from https://www.discovermagazine.com/the-sciences/the-neuroscience-of-the-seven-deadly-sins
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Schwartz, T (2010) Dope, Dopes, And Dopamine:The Problem with Money, Harvard Business Review. retrieved from https://hbr.org/2010/10/dopes-and-dopamine-the-problem.html
Weckesser, S. (2015) Wired to want? Neuroscientists reveal that our brains may be programmed for greed. Blue Water Credit. retrieved from https://bluewatercredit.com/wired-want-neuroscientists-reveal-brains-may-programmed-greed/
Hoffower, H. (2019)Meet the 'Henrys': The millennials making 6-figure salaries who have 'pleasure funds' and enough money to travel - but still say they feel broke. Business Insider. retrieved from https://www.businessinsider.com/what-is-a-henry-millennials-earning-six-figures-feel-broke-2019-11
Sandoiu,A, (2018) Generosity benefit health? Brain study sheds light. Medical News Today. retrieved from GENEROSITY.
