Denotation

The difference between wants and needs is quite simple, at least on the surface. 

• Need: something you must have. 

• Want: something you would like to have. 

In actuality, you only need four things to survive: A roof over your head, enough food and water to maintain your health, basic health care, and hygiene products, and clothing (just what you need to remain comfortable and appropriately dressed)

Everything that goes beyond this—a big house, name-brand clothes, fancy food and drinks, and a new car—is a want. Does that mean that you should only buy the things that you need? Not at all. Life is meant to be lived, not survived. The denotations of these words are very different, but people seem to mix up and use these words interchangeably. Most people nowadays want to live lavish lives, and that includes obsessing over materialistic objects. This shallow and vain infatuation with consumerism eats away at each of us one by one. From one of Thomas Sowell’s essays, he writes, “A group of UCLA economists were having lunch together one day at the faculty club. One of them, named Mike, got up to get himself some more coffee. Being a decent sort, he asked ‘does anyone else here need coffee?’” Need? Really, Mike? As you’re an economist I’m convinced you actually know how to use that word. It’s okay, everyone makes mistakes. Just as we all mistakenly mix up our “needs” and “wants”.