Where to use the wand of control III: Faculty of Will
Having explored the faculty of desire, we are now ready to examine the faculty of will. Before we dive into this, let us understand a little bit more about desire. Three terms are vital in economics : need, want, and desire. Are they the same? Na..na..na, they look similar, but they are not the same. Need means something essential for our survival. For example, food. Can we survive without it? No, so it is our need to have food to survive. As our needs are satisfied now, our eyes try to grab bigger things. These things are not essential, but we strive to have them to make our lives better. Without want, we can live, but without need, we perish. Now, in between this want-and-need continuum lies the stop of desire. There is a very small difference between want and desire. Wants include everything that comes to my mind. This uncontrolled horse of want is checked by the element of affordability that turns want into desire. In simple terms, we can have many wants, bu...