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How important is consumerism to the economy?

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Consumerism generally means more. It means how well people function as consumers. How well they are able to make choices in a market economy. It is a skill (really a large set of skills) that is crucial for the economy to produce the greatest value. read more

Consumerism in economics means excessive purchase of goods. Yes, it is very good for the economy in the sense that it increases total output, vis a vis total nominal GDP because the increase in a consumer's demand of a product by purchasing it, brings about an increase in supply of that product by the producer. read more

Specially Jevons and the economists of his time gave an important place to consumption. In modern times, consumption is treated as an inducement on which the economic system of a country rests. The importance of consumption is explained as under. 1. Beginning of all Economic Activities: Consumption is the beginning of all human economic activities. read more

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