We are all aware that we are living in the world of consumerism. We want to travel at jet speed. we own many houses which may or may not be required. We like to read five newspapers, when one can be sufficient. There is information explosion through marketing , and product needs are being created everyday.
To name there can be more than 100 types of scotch , whiskies to choose from . There are 100 models of cars to choose from. variety of hotels and restaurants. hundreds of cosmetics to choose from .
As a result companies are spending crores on the visibility of their products. Cost of retailing of products have gone through the roof. Not only that companies are introducing daily new products just to seek attention of consumers and spent billions on them.
To top it all we have limited natural resources including land, minerals, forest , water and many other natural resources which are raw materials for making products. thus the scarcity of natural resources and they are out of bound for common man.
So what i am trying to hint at. We have created a monetary system which is not only leading to fast depletion of natural resources, but have increased the gulf between have and have nots many times.
There is a need to change consumerism and introduce austerity as way of life. Bad words from a marketing guy but good words from an economist. what do you say.