Garry Gutting’s review of “How Much is Enough?: Money and the Good Life”

Under capitalism, businesses sell us goods and service that are essential for living well, and most of us get the money to buy these things by working for businesses or, less often, profiting from investments in them. We need capitalism because no other economic system can produce sufficient goods to meet our essential material needs such as food, shelter, clothes, and medical care. But these goods are not enough. A good life mainly depends on intangibles such as love, friendship, beauty, and virtue—things capitalism cannot produce and money cannot buy. Given a sufficient minimum of material goods, the good life does not depend on the world of commerce.

Nonetheless, for most of us, work takes up the bulk of our time and energy, leaving comparatively little for living a good life. Some see their work itself as a pursuit of beauty, truth, or virtue. But most find what they do valuable primarily as a means of earning money to buy material necessities. And capitalist society itself insists that a good life requires much more than a minimum of material goods. A truly good life, it urges, requires fine food, a large and well-furnished home, stylish clothing, and a steady diet of diverting and enriching experiences derived from sports, culture, and travel—all of which are expensive.

We all agree that there’s a limit beyond which more material goods would make little difference to the goodness of our lives. But almost all of us think we are considerably below that limit. In general, then, capitalism works against the good life from two directions. It requires us to engage in work that makes little contribution to our living well, beyond supplying our material necessities, and it urges us to believe, falsely, that a good life is mainly a matter of accumulating material possessions. The Skidelskys sum it up this way: “The irony is that…now that we have achieved abundance [in advanced capitalist countries], the habits bred into us by capitalism have left us incapable of enjoying it properly.”

Their view of capitalism is critical rather than revolutionary. They decry its tendency to sacrifice the human good to the goods of the market, but think we can curb this tendency and harness capitalism’s productive power for our pursuit of the good life. For them, the core problem with capitalism is “economic insatiability”—the intrinsic drive for increasing production (and therefore profits) without limit. The limitless demand for more can even lead, as we have recently seen, to economic catastrophe. More important, capitalism is morally deficient because its drivers are the vices of “greed and acquisitiveness,” which pile up “goods” that take us away from the good life.

The insatiability of capitalism exploits the corresponding insatiability of individual desires. No matter how much I possess, I find myself desiring more than I have. As I become rich enough to satisfy all my old desires, I develop new ones. Moreover, beyond a certain level of wealth, I begin to desire the best of everything, where the “best” (rare wines, exclusive resorts, the paintings of Old Masters) are in such limited supply that hardly anyone can afford them. And in addition to our spontaneous individual desires, we develop other desires simply because there are things others have that we don’t. Capitalism’s endless need to sell more and more is met by our need to buy more and more.