At this point one may ask: is Plato’s critique still valid today, and if so, what are the practical consequences of ignoring it? Let us try to apply this critique to an overarching problem of modern Western Civilization, namely the principle of sustainable development. This principle would require that we change the way we live our lives. We should distinguish what we truly need from what we want, as Aristotle teaches in The Nicomachean Ethics. In other words, we the people would have to democratically agree to place a greater value on the future quality of the environment than on our present comfortable life-style. This is particularly true in the developed countries, the so called first world, such as the US and the EU.
This moral concept creates obligations not only for the common good of the present inhabitants of the world, but also toward future generations. There is a problem however: in a free market there is no normative standard of what constitutes a need and what constitutes a want. The only standard is one’s desires, as Madison Avenue well knows and as Plato intimated when he said that poverty is not measured by how little one possesses but by how big are one’s desires. In effect the idea that the majority of the people in a democracy would deprive themselves of their wants is redolent of one of Eco’s hyper-reality fantasies.
more from Ovi here.