What is paradox of plenty?

I learned this new term today and basically what it means is that when you have too much of something you are unable to progress.  You know how they say that necessity is the mother of invention or that lack of resources makes people resourceful.  That is why when you have things available without even trying, you just waste your life.  This paradox explains that despite having so much wealth, the Middle East is so screwed up with people basically becoming terrorists or not doing much with their lives.