Business is all about satisfying our needs. Social affairs are all about satisfying our needs, too. Business and social affairs are one and the same issue depending on our point of view and the amount of money available.
Basic or biological needs are based on Aristotle’s (384-322) definition of life:
Metabolism, movement, excitability and reproduction.
Higher or cultural needs are indicated by Abraham H. Maslow (1908-1970), modified by Paul D. MacLean (1913-2007) and detailed by Daniel Kahneman (1934-2024, Nobel Prize in Economics 2002), Amos Twersky and Richard Thaler (*1945, Nobel Prize in Economics 2017).
René Scholz (*1955) put this knowledeg into new words:
LoveMeansValue which may also may read “Love means value”.
Business is all about identifying the needs of others (!) and providing means to satisfy them. The same is true for social affairs. Hence, it is of paramount importance to understand the nature of our needs.
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Scientifically there are three higher needs: We need to be part of a community in order not to be alone. We need tools in order to live the life we choose. We need explanations in order to understand the world and ourselves in it. In other words we are looking for Love and Means and Value. Behavioral Economics serve these needs. They are the backbone of our economy.