Postmaterial Experience Economics

A materialist view of economics presumes that from material possession flows the best of life’s satisfactions. A postmaterialist view claims instead that the best of human satisfactions come not just from material possessions but from the experience of life’s social, cultural and natural wonders as well. This article sets out a theory of postmaterial experience economics and uses survey research findings from the World Values Survey to establish (a) whether or not postmaterial orientations to economic experience exist in global society and (b) whether Schwartz’s basic human values (material riches, hedonism, risk and adventures, success, creativity, doing good for society and the environment, following traditions, behaving properly and feeling secure) and Inglehart’s postmaterial values predict orientations to postmaterial experience. Expanded global participation in postmaterial experience matters economically because it can lead to increased unemployment from reduced demand for material goods if not offset by appropriate public policy