We must free ourselves from this absurd conception of success. Not only does it fail to bring happiness even to those who, like Boesky, do extraordinarily well in the competitive struggle; it also sets a social standard that is a recipe for global injustice and environmental disaster. We cannot continue to see our goal as acquiring more and more wealth, or as consuming more and more goodies, and leaving behind us an even larger heap of waste.

We tend to see ethics as opposed to self-interest; we assume that those who make fortunes from insider trading are successfully following self-interest – as long as they don't get caught – and ignoring ethics. We think that it is in our interest to take a more senior better-paid position with another company, even though it means that we are helping to manufacture or promote a product that does no good at all, or is environmentally damaging. On the other hand, those who pass up opportunities to rise in their career because of ethical 'scruples' about the nature of the work, or who give away their wealth to good causes, are thought to be sacrificing their own interest in order to obey the dictates of ethics.

Many will say that it is naive to believe that people could shift from a life based on consumption, or on getting on top of the corporate ladder, to one that is more ethical in its fundamental direction. But such a shift would answer a palpable need. Today the assertion that life is meaningless no longer comes from existentialist philosophers who treat it as a shocking discovery: it comes from bored adolescents for whom it is a truism. Perhaps it is the central place of self-interest, and the way in which we conceive of our own interest, that is to blame here. The pursuit of self-interest, as standardly conceived, is a life without any meaning beyond our own pleasure or individual satisfaction. Such a life is often a self-defeating enterprise. The ancients knew of the 'paradox of hedonism', according to which the more explicitly we pursue our desire for pleasure, the more elusive we will find its satisfaction. There is no reason to believe that human nature has changed so dramatically as to render the ancient wisdom inapplicable.

Here ethics offer a solution. An ethical life is one in which we identify ourselves with other, larger, goals, thereby giving meaning to our lives. The view that there is harmony between ethics and enlightened self-interest is an ancient one, now often scorned. Cynicism is more fashionable than idealism. But such hopes are not groundless, and there are substantial elements of truth in the ancient view that an ethically reflective life is also a good life for the person leading it. Never has it been so urgent that the reasons for accepting this view should be widely understood.

In a society in which the narrow pursuit of material self-interest is the norm, the shift to an ethical stance is more radical than many people realize. In comparison with the needs of people going short of food in Rwanda, the desire to sample the wines of Australia's best vineyards pales into insignificance. An ethical approach to life does not forbid having fun or enjoying food and wine; but it changes our sense of priorities. The effort and expense put into fashion, the endless search for more and more refined gastronomic pleasures, the added expense that marks out the luxury-car market – all these become disproportionate to people who can shift perspective long enough to put themselves in the position of others affected by their actions. If the circle of ethics really does expand, and a higher ethical consciousness spreads, it will fundamentally change the society in which we live.