People spend a lot of money on various things as they earn more money nowadays than before. Is it a positive or negative development?

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 c

urse.

Suggestion

a curse

On the one hand, there a

re

Suggestion

is

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 B

andura,

(Greek mythology) the first woman; created by Hephaestus on orders from Zeus who presented her to Epimetheus along with a box filled with evils

Pandora

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 d

emeanor.

(behavioral attributes) the way a person behaves toward other people

demeanour

dinner

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.