Economic Growth And Consumption Essay

1785 words - 7 pages

Question 2

Consumption and economic growth are the only two effective economic goals worth striving for in a modern globalized society. Do you agree?

Consumption and economic growth are like
In this essay it will be argued that the economic growth and consumption are unsustainable, environmentally detrimental and have a negative impact on human health and development and are not goals worth striving for in our modern globalized society.
An expanding society is not a sustainable one nor is it environmentally friendly and is detrimental to the quality and health of human life. The act of consumption, which is using goods and services and the concept of economic growth, which can be defined by the stable increase in the productive capacity of an economy are not the only economic goals worth striving for in our modern globalized society which is a process of “Internationalisation, liberalisation, universalisation, modernisation and deterritorialisation”(Niski M 2012).
The act of consumption in economic terms is a process of a consumer spending money on goods and services, consumerism is a social and economic belief that encourages and enforces the consumption of goods and services in great amounts. In a capitalist society such as Australia which is based on economic growth, a consumerist society could be deemed to be beneficial towards the expansion of a nation’s economy. With this being said it should not be a main economic ambition as excess consumption is a wasteful recreational activity that pillages the Earth’s natural resources and is based on an unsustainable principle. The planet that we live on is very similar to all of the planets in the universe in the sense that it’s finite, meaning that there is a limit to our resources and one day we will run out. A society based on economic growth has the belief that the economy will grow and grow on an infinite scale however this is incompatible with finite resources.
A classic example of modern day consumerism could be seen through the release of new technological devices such as phones and laptops, in our technologically superior society we are constantly improving upon the technology that we already have, this is unsustainable as we are improving at a rate that is so fast that year old laptops and phones are becoming out dated and redundant when compared to the newer models. In our consumerist society we are encouraged to buy the newer model and throw out the older model which in most cases is still working perfectly fine. This is not only unsustainable but also detrimental to the environment as phones often contain metals and other materials which take hundreds and even thousands of years to break down and degrade.
The concept of economic growth is one that focuses on increasing the market value of goods and services in an economy over a prolonged period of time, the main way to measure economic growth is through GDP (gross domestic product) which is the market value of goods...

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