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This summer, my wife and I vacationed in Stockholm, Sweden.

Beyond the usual historical sights one uncovers on a trip such as ours, we also discovered a wonderful little word that has inspired many a conversation.

Although only five letters long, the word basically defines the underlying Swedish culture. It's the guiding principle behind their businesses, educational institutions, and political organizations.

The word is now part of a national debate in Sweden, one side arguing that they turn from the word and what it represents and the other saying to stay the course.

So what is the word, and why has it made its way into so many of our conversations since our visit? The word is lagom (pronounced melodically, the la a falling tone, the gom rhymes with home).

Interestingly, lagom does not have an exact translation in English.

It approximates something like "just right" or "exactly enough, not too much nor too little." The tricky thing is that it also means "not much, not little, but just right," which happens to always be somewhere in the middle.

That's really not a new concept. Aristotle believed in the "golden way" and Taoism is based on finding just the right measure between extremes.

Although Sweden is the 14th richest country (in terms of purchasing power parity per capita, as reported by the International Monetary Fund in 2005), many Swedes feel their focus on "being average" really means "mediocrity," and that spells doom for their future economic well-being.

The challenge is, as our longtime friends and Swedish hosts Tom and Ethel Forsberg explained, "Lagom defines everything for Swedes, whether doing your job, giving a speech, or baking a cake and its pervasiveness can be a problem."

For example, when preparing a r‚sum‚, it would only be proper if one describes his or her achievements with modesty.

As the European community grows and young job hunters seek employment across borders, Swedes are finding that they are at a disadvantage vis-a-vis their competition.

Although factual, the Swede's r‚sum‚ may appear less than impressive when compared with a r‚sum‚ by an American with the same qualifications, since the Swede would by nature present a straightforward account of their experiences and skills and not try to stand out.

Conversely, there is another camp in Sweden that finds solace in lagom. They say it's the better choice and in many ways more healthy, with less stress and a more balanced lifestyle.

Indeed, it's at the central core of their thinking about over-consumption as the greed of one may result in the lack of another.

This theme also plays heavily into their focus on protecting their environment, as Swedes are known for their clean cities, environmentally friendly products, organic farming techniques, penchant for recycling, etc.

So if it's the healthier choice, how easily would Americans adopt a lagom lifestyle?

I would say not well, given our focus on winning, "bigger is better," and conspicuous consumption.

I still even see a bumper sticker occasionally that reads, "The person who dies with the most toys wins."

On the other hand, I have several friends who are attempting to live a more balanced lifestyle and reduce the stress in their lives by living within their means and embracing "simplicity."

As author Elf Sternberg, says: "The worst thing you can do for yourself is to keep wanting what you don't have. Do yourself a big favor and learn to want what you already have."

Other friends are also attempting to reduce their carbon footprint and impact on the environment. Their mantra is creating a more sustainable future.

Probably the best illustration of lagom living might be when playing golf. As our friend Reid Bandeen pointed out to me, "While watching some professional golf this weekend, it was clear that the winners were the most successful in practicing lagom; not too much, not too little, just right in the hole!"

Whatever the outcome of this debate, it seems a worthwhile discussion to define how we can better manage our businesses and live our lives. I'm definitely lagom on lagom!

Sacco is the VP Marketing at Kirtland Federal Credit Union and an adjunct professor at UNM Anderson School of Management and Webster University.