In many countries, as people are earning more these days they are also spending money in buying more and more items. Do you think it is a positive or negative development?

It is often asserted that
people
who are earning lucrative compensation will spend more by buying a lot of items.
Although
there are certain drawbacks of
this
trend which are negligible in my opinion, the benefits of
this
culture are humungous
such
as improved living standards and economic growth of nations.
To begin
with, the primary reason to encourage the above-mentioned trend is an enhancement of living standards in society because of the pay hike.
This
means enhanced earnings not only help the public to showcase their status in society but
also
encourage them to help others during financial burdens. To illustrate, the latest gesture of Mr Elon Musk to sell some of his Tesla shares to contribute to an old age charity shows his power.
Hence
, it is evident that
people
would come forward to share their wealth with needy
people
in case of emergencies if they earn hefty amounts.
In addition
to
this
,
people
being extravagant help to increase the cash flow in the market.
This
eventually means that there is a spike in the number of financial transactions, which
consequently
leads to the economical growth of the world. According to the theory of the World Trade Organisation,
for example
, the rise of share prices is the result of buying and selling of respective goods in the market.
Therefore
, the nature of increased income and expenditures by
people
is the resemblance of not only improvement of individuals living standards but
also
represents the boost of the global economy. In conclusion, a rise in income leads to increased spending in many countries. In my opinion,
this
phenomenon is a positive development as it helps
people
to improve citizens lifestyle and they help others if required. Eventually, the increased income leads to a surge in spending which is a symbol of the financial growth of the globe.
Submitted by eshwar10882 on

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