KEY POINTS
> Abundance is a state of having more than enough of something, whether it is material, emotional, or spiritual.
> Abundance can lead to devaluation is explained through the law of diminishing returns and scarcity heuristic
> Abundance is not inherently bad, but it can have negative effects on our perception and appreciation of things if we are not mindful.
We often neglect the value of the things we have more of than the things we have less of. In comparison between rich and poor about money, the difference between the two comes on how money is handled. The first one may spend unconsciously because they have more while the latter would value down to the last cent as it is hard for them to go by. We could also say the same for food. Some would not let even a tiny morsel go to waste while some would throw it in the thrash can just because they do not like it.
Abundance can be destructive because it abstracts the value of things. The more we have, the less we seem to value what we’ve got. We all tend to see something as unimportant as we will always have it because of our perception that we have more of it unlike things that we rarely get that put more value on.
We often hear the phrase “less is more” when it comes to minimalist living, art, or design. But what does it mean psychologically? How does the amount of something affect our perception and appreciation of it? In this blog post, I will explore the concept of abundance and how it can lead to devaluation of things that we otherwise would value highly.
What is abundance?
Abundance is a state of having more than enough of something, whether it is material, emotional, or spiritual. Abundance can be a positive thing, as it can provide us with security, comfort, and satisfaction. However, abundance can also have some negative consequences, such as:
Waste: When we have too much of something, we may not use it efficiently or responsibly. We may throw away food that we don’t eat, clothes that we don’t wear, or gadgets that we don’t need. We may also consume more resources than we need, such as water, energy, or space. This can also be visible on how we take care of our things. In terms of gadget, if we know we can buy it anytime, then we do not properly take care of it.
Greed: When we have too much of something, we may develop a sense of entitlement or superiority. We may want more and more of the same thing, or different things that we don’t really need. We may also become jealous or competitive with others who have less or more than us. With the abundance mindset, we tend to think that there will always be something for us, or worse, we will always get the same thing and we are entitled to it. This is mindset so prevalent in the generation today.
Boredom: When we have too much of something, we may lose interest or excitement in it. We may take it for granted and stop appreciating its value or quality. We may also seek novelty or variety in other things that may not be as beneficial or meaningful for us. Nothing wrong with seeking novelty as that could bring us new experiences and help us grow however, if the reason for doing something new is just for the sake of well, doing something new because we are bored, we do not give value on the things that we have.
How does abundance lead to devaluation?
One of the psychological mechanisms that explains how abundance can lead to devaluation is the law of diminishing marginal utility1. This law states that the more we consume of a good or service, the less satisfaction we get from each additional unit. For example, the first slice of pizza may taste delicious and make us happy, but the second slice may not be as satisfying, and the third slice may even make us feel sick. As stated above, this is boredom. When we keep an abundance mindset, the ones we already possess or the ones we experience may not be so satisfying anymore. In effect, we feel unfulfilled with everything that we do.
Another psychological mechanism that explains how abundance can lead to devaluation is the scarcity heuristic2. This heuristic is a mental shortcut that we use to judge the value of something based on its availability. We tend to assume that things that are scarce are more valuable, and things that are abundant are less valuable. For example, we may pay more for a rare book than a common one, or we may appreciate a compliment more from a stranger than from a friend. This heuristic may lead us to a wrong path as we may be going after something that is not worth our time as it does not bring value to our lives, let alone does not bring us close to our goals.
How can we avoid devaluation due to abundance?
Abundance is not inherently bad, but it can have negative effects on our perception and appreciation of things if we are not mindful. There are so much written materials that circulates around the world about the abundance mindset which could help us become a better person. It all says that there is enough for everyone and there is no need to compete. True in some extent. But, too much of something is always a bad thing.
Here are some ways to avoid devaluation due to abundance:
Practice gratitude: Gratitude is the act of being thankful for what we have and expressing it to ourselves or others. Gratitude can help us appreciate the value and quality of things that we have in abundance, rather than taking them for granted or ignoring them. Research shows that gratitude can increase our happiness, well-being, and prosocial behavior3. This is a critical behavior that we all should be doing. Without appreciating what we have, without being thankful, without expressing gratitude, we eventually do not give importance to what we already possess. By practicing gratitude, it could help us build an attitude of better take care of what we have. According to the Law of Attraction, the more the universe see that we know how to put value on the things that we have, the more the universe will conspire to give it to us.
Practice moderation: Moderation is the act of limiting our consumption or use of something to a reasonable amount. Moderation can help us avoid waste, greed, and boredom that can result from abundance. Moderation can also help us enjoy the things that we have in abundance more fully and deeply, rather than superficially or excessively. Too much of something is always bad. Even if there is so much of anything in the world, it does not mean we have to get it all for ourselves. Only by consuming what is enough for us, what is right for us, would help us live a better life.
Practice generosity: Generosity is the act of sharing what we have with others who need it or appreciate it. Generosity can help us reduce our attachment to things that we have in abundance and increase our connection with others who have less or different things. Generosity can also help us create a positive impact on the world and feel good about ourselves. Moreover, being generous is gratitude itself. We are social animals and we can not live in this world alone. Sharing what we can to people who needs it put us in a mindset of having more value of what we already have.
Abundance can be a blessing or a curse depending on how we perceive and use it. By practicing gratitude, moderation, and generosity, we can avoid devaluation due to abundance and enhance our happiness and well-being.
Sources:
- : Covey, S. R. (1989). The seven habits of highly effective people: Restoring the character ethic. New York: Simon and Schuster.
- : Lyubomirsky, S., Sheldon, K. M., & Schkade, D. (2005). Pursuing happiness: The architecture of sustainable change. Review of general psychology, 9(2), 111-131.
- : Emmons, R. A., & McCullough, M. E. (2003). Counting blessings versus burdens: an experimental investigation of gratitude and subjective well-being in daily life. Journal of personality and social psychology, 84(2), 377-389.
- : Gossen, H. H. (1854). The laws of human relations and the rules of human action derived therefrom. MIT Press.
- : Tversky, A., & Kahneman, D. (1974). Judgment under uncertainty: Heuristics and biases. science, 185(4157), 1124-1131.
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