There is some truth to the saying ‘money makes the world go round’, and under consumerist ideology, that may very well be true. Consumerism in economics is an idea that encourages consumers to acquire and purchase products and services in greater and greater amounts. This is said to fuel trade and to keep economies alive, but it has also been said to reap negative effects on society. Learn more about the pros and cons of consumerism by reading through this short list.
List of Pros of Consumerism
1. Low Cost of Living
If the whole world operated on the idea of consumerism, we would see cost of living in different countries decline. This is because manufacturers and companies would price their products at lower costs to encourage consumers to act and purchase in order to increase the consumption of goods and services.
2. More Jobs
For companies to increase their output and production, they would need more staff, workers, and employees to answer for the greater consumer demand. This would generate more work opportunities and thus reduce the extent of unemployment.
3. Better for Business
Whichever way you look at it, consumerism will always benefit business owners and companies. Even if they place their goods and services at the lowest possible costs, they can be sure to make a profit as long as increased consumption is encouraged.
List of Cons of Consumerism
1. Low Quality Products
The problem with consumerism is that it will force manufacturers to use low end materials to create more goods. This also helps them to drive down costs, but ultimately reduces the quality of products and services leading to widespread consumer dissatisfaction.
2. Moral Implications
When society is encouraged and driven to make purchases in larger and larger amounts, they might be driven to faulty moral reasoning. People become more inclined to think that material possessions are more important and are essential to true happiness, rather than intrinsic motivators.
3. Poor Work Environments and Terms
Because companies would be forced to hire more, produce more, and sell more for less the cost, they ultimately spend more. The one group of individuals who will take the brunt will have to be the workers, who will be compensated poorly and who will have to work in poor employment environments and under unreasonable terms. This also helps businesses to cut back on costs, but in the end, causes workers to feel overworked and underpaid.