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Maslow’s hierarchy of needs is a conceptualisation of the needs (or goals) that motivate human behaviour, which was proposed by the American psychologist Abraham Maslow. [ 1 ] [ 2 ] According to Maslow’s original formulation, there are five sets of basic needs that are related to each other in a hierarchy of prepotency (or strength).
What is Maslow’s hierarchy of needs? We explain the commonly circulated concept with some examples of how it translates in the real world.
Content theory of human motivation includes both Abraham Maslow's hierarchy of needs and Herzberg's two-factor theory. Maslow's theory is one of the most widely discussed theories of motivation. Abraham Maslow believed that man is inherently good and argued that individuals possess a constantly growing inner drive that has great potential.
Maslow postulated a hierarchy of human needs stretching from basic physical needs at the bottom to spiritual or transcendental needs at the top. [ 4 ] In Motivation and Personality , [ 1 ] Maslow argues that, in order for individuals to thrive and excel, a health-fostering culture must be created. [ 5 ]
This is reflected in Maslow's hierarchy of needs and in his theory of self-actualization. Instead of focusing on what goes wrong with people, Maslow wanted to focus on human potential, and how we fulfill that potential. Maslow (1943, 1954) stated that human motivation is based on people seeking fulfillment and change through personal growth.
According to Maslow, a human is motivated by the level they have not yet reached, and self-actualization cannot be met until each of the lower levels has been fulfilled. [4] Assumptions of Theory Y, in relation to Maslow's hierarchy put an emphasis on employee higher level needs, such as esteem needs and self-actualization.
Maslowian portfolio theory (MaPT) creates a normative portfolio theory based on human needs as described by Abraham Maslow. [1] It is in general agreement with behavioral portfolio theory, and is explained in Maslowian Portfolio Theory: An alternative formulation of the Behavioural Portfolio Theory, [2] and was first observed in Behavioural Finance and Decision Making in Financial Markets.
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