ANSWER: Divorce rate would rise 500%, friendships would dwindle to almost non existant. And the prisons would be the home of 90 percent of the population.
This question has been examined more than once by creative writers in print, television & movies
If one did have the ability to "hear" the thoughts of others, you would be relegated to living a life of solitude since you would be unable to survive in a public setting without your head being jammed with the barrage of thousands of "voices".
its one of my favorite shows also, on a side note,while the 2002 revival of the series was considered by many 'blehhhh' I watched a few episodes and there is a 2nd part to 'it's a good life' with bill mumy