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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).
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]
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What is Maslow’s hierarchy of needs? We explain the commonly circulated concept with some examples of how it translates in the real world.
Maslow had an optimistic and humanistic view of humanity. [7] He regarded people's innate drive towards self-actualization beneficial to society as a whole. [8] In Maslow's view, once people's basic needs were met, they were free to explore their abilities and strive to further develop those innate abilities. [8]
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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