In the recent era, the dilemma arises when ordinary folks are faced with people’s tendency to obtain and expend more monetary resource on a variety of goods than the past period. This essay will examine both positive and negative perspectives of this trend and conclude that it is both a blessing and curse.
On the one hand, there are a host of reasons why this tendency is advantageous. First and foremost, this phenomenon will perpetuate the virtuous cycle of economic prosperity. Clearly, consumption allows the nation a higher employment level, which leads to surging their spending power of the individuals. For instance, we have witnessed that people travel around the world and purchase the latest electronic gadgets, such as a brand-new Galaxy S20. Moreover, excessive savings are apt to cause a tremendous deflation of the country. Deflation, which is a general decline in prices for goods, is one of the main causes of the recession and the depression. To illustrate, Japanese was fallen a victim of a 10-year-depression, due to the universal trend of unwilling to spend money in Japan. Thence, proper income and consumption help improve the economy and the people’s quality of lives.
On the other hand, there are also some downsides to this phenomenon. Primarily, people can underestimate the value of goods and money as they acquire huge chunks of money. As the technology is getting advanced day by day, nowadays people spend a lot of their income on the latest devices, namely smartphones, laptops, and home appliances. Therefore, this could cause a huge amount of wastage, as people throw away their old-fashioned gadgets without hesitation. Additionally, the tendency leads to amplifying people’s unbridled consumption habits. Social learning theorists, such as Bandura, contended that humans can learn and imitate unconsciously or consciously by watching others. In this respect, as the phenomenon as a universal trend continues in the long run, the virtue of saving would be disappeared since the no one could find an appropriate role model for saving, in pursuit of emulating a good demeanor.
To surmise, even though there are a lot of controversial debates on whether an increase in both earning and consuming of each individual is deleterious or not, we the people need to know positive as well as negative aspects of the phenomenon because it is like a double-edged sword.
In the recent era, the dilemma arises when ordinary folks
are faced
with
people’s
tendency to obtain and expend more monetary resource on a variety of
goods
than the past period. This essay will examine both
positive
and
negative
perspectives of this trend and conclude that it is both a blessing and curse.
On the one hand, there are a
host
of reasons why this tendency is advantageous.
First
and foremost, this
phenomenon
will perpetuate the virtuous cycle of economic prosperity.
Clearly
, consumption
allows
the nation a higher employment level, which leads to surging their spending power of the individuals.
For instance
, we have witnessed that
people
travel around the world and
purchase
the latest electronic gadgets, such as a brand-new Galaxy S20.
Moreover
, excessive savings are apt to cause a tremendous deflation of the country. Deflation, which is a general decline in prices for
goods
, is one of the main causes of the recession and the depression. To illustrate, Japanese
was fallen
a victim of a 10-year-depression, due to the universal trend of unwilling to spend money in Japan. Thence, proper income and consumption
help
improve
the economy and the
people’s
quality of
lives
.
On the other hand
, there are
also
some
downsides to this
phenomenon
.
Primarily
,
people
can underestimate the value of
goods
and money as they acquire huge chunks of money. As the technology is getting advanced day by day, nowadays
people
spend
a lot of
their income on the latest devices,
namely
smartphones, laptops, and home appliances.
Therefore
, this could cause a huge amount of wastage, as
people
throw away their
old
-fashioned gadgets without hesitation.
Additionally
, the tendency leads to amplifying
people’s
unbridled consumption habits. Social learning theorists, such as
Bandura
, contended that humans can learn and imitate
unconsciously
or
consciously
by watching others. In this respect, as the
phenomenon
as a universal trend continues in the long run, the virtue of saving would
be disappeared
since the no one could find an appropriate role model for saving, in pursuit of emulating a
good
demeanor.
To surmise,
even though
there are
a lot of
controversial debates on whether an increase in both earning and consuming of each individual is deleterious or not, we the
people
need to know
positive
as well
as
negative
aspects of the
phenomenon
because
it is like a double-edged sword.