Consumerism Creates Economic Growth and Welfare

Consumerism is a macroeconomic theory that states that consumption in society is the main driving factor behind economic growth and a model to deal with and tackle economic problems in society. The theory was first grounded by John Keynes who considers that governments should aim to increase consumption by individuals in society to achieve higher levels of economic growth, according to Adam Hayes (2021). 

However, the theory has gained a fair share of critics and debaters who are against it. They claim that following the trajectory of this theory would result in negative consequences on a large scale that affect mankind and humanity. In this regard, we are not to deny those effects, even if they are exaggerated to an extent. There still is an interesting and underestimated aspect of consumerism. That is, consumerism undeniably leads to economic growth in society. Whether we should aim to constantly grow economically or not is a different matter to be discussed comprehensively in different contexts. 

Furthermore, consumerism which leads to economic growth in societies is the stable ground on which welfare and wellbeing of humans are built upon. That is, when states become richer this consequently would lead to improved standards of welfare in society and result in better wellbeing for humans. Thus, consumerism is the driving factor behind these beneficial aspects in society. 

Some would argue that consumerism destroys the planet and impacts the environment in negative ways because of increased production due to increased consumption. This may be right to an extent but surely exaggerated. Nowadays, there are eco-friendly factories and the development of humanity can achieve such a level of increased consumption while still saving the environment. That is not to keep consumption with no limitation but rather to regulate it in such a way that encourages consumption and imposes requirements on production to be eco-friendly.

Finally, consumerism is a macroeconomic theory that aims to increase consumption by individuals in society to achieve high levels of economic growth. There are critics to the theory but the benefits weigh more than the mentioned cons of this theory. Therefore, we should encourage eco-friendly consumption or consumerism and take into consideration the aspect that is about our environment.  

Hayes, Adam. 2021. Consumerism Definition. Investopedia. https://www.investopedia.com/terms/c/consumerism.asp