We all want the best in our lives. Many of us spend large amounts of time thinking about it, planning for it, and trying to achieve it. If we have kids, we start planning for them too.
The economic concept of capital can be defined as "access to resources". When we are trying to improve our lives, we can think of it in economic terms as trying to increase our capital. There are various types:
Economic capital is defined by access to material resources such as cash, oil and the like. Much research has shown that we are usually unhappy if we don't have enough economic capital (in the form of money), but beyond a certain point, more doesn't make us any happier.
Another important type of capital is social capital. We can define our social capital by the number of connections we have to other people and social groups, and the quality of those connections. In the west we call it "networking". In most other parts of the world it's just the standard way of life.
Cultural capital is more loosely defined as the collection of skills, education and knowledge that members of society have.
All these forms of capital are a way of measuring the influence and power an individual has in society. I want to propose another type of capital.
Moral capital is created by our choice of moral actions, actions which are beneficial to society in the long-term.
The power that comes from moral actions is hard to measure, and it is a kind of soft power.
For the individual, increasing moral capital creates an internal sense of wellbeing, self-respect and earned pride of ones actions. It is not about feeling morally superior to others. But just as a person can find enjoyment in having a strong social network without looking down on others, so can a person enjoy the satisfaction that derives from a moral life without contempt for others.
In addition to that, a person who gains a high level of moral capital will earn trust from those that know them. They will have honor and integrity. While the words aren't used so often these days, they are no less important.
Certainly for some people certain types of capital matter more than most. But we will suffer if we have insufficient capital in each of these areas.
Without economic capital, we are poor. This needs no more explanation.
Without social capital, we become lonely and have less opportunities in life.
Without cultural capital, we don't have the necessary skills and knowledge to achieve our dreams. And,
Without moral capital, we can suffer from self-loathing, regret and guilt.
In fact we can learn to live with being poor to some extent. We can adapt to a small social circle if necessary. And in the internet age, we can self-learn virtually any skill we need.
But we cannot escape our own mind.
Moral capital is not a concept that is talked about often, or in clear terms. But it's a vital part of improving our lives. Because if we can make small choices in our life that will lead to a lifetime of regret and not being able to look at ourselves in the mirror, or a lifetime of pride and happiness to be alive, we should seriously be thinking on how to get some more of it.
