I think you may have answered your own question. "The desire for academic endeavor is dead...when we consider our level of education to be adequate."
One's education is never complete, of course. We need to continually learn to live in this world, whether that education is formal or informal. The level at which one chooses to end his or her formal academic career is a personal choice dependent on finances, health, other commitments and many other variables.
Just because one discontinues his or her formal education does not mean his or her desire for academics is "dead." It could be, but it is impossible for someone to live in this world and not continue to learn, even if the choice is to forego further learning. If you go shopping for a car or a vacuum cleaner, you are learning! If you use the computer, you are learning!
It is impossible to interact with one's environment and not learn. The only way I think learning could cease would be for someone to be in a coma.