As we are getting more technologically advanced our thirst for goods is increasing. To understand the root cause of the issue we need to study basic human needs. These would include eating, living in physically comfortable surroundings and esteem needs among others. And with the fulfillment of each need we gain satisfaction or pleasure. So pleasure is something that is derived from our need to eat, feel proud etc. But what happens when our needs our fulfilled. (Here i am assuming that these basic needs are quantitatively limited.) Then two additional needs crop up. One is to pass time and the other is to seek pleasure and both these needs are connected. So once these basic needs are satisfied we look to fulfill the need for pleasure. And this need is not limited. One can gain as much pleasure as one wants. Except that the marginal utility of gaining pleasure reduces. That is, if 1 beer gives x amount of pleasure then an additional beer gives less than x amount of pleasure.
Now in this backdrop, lets analyze what has been happening over time. As we are getting more technologically advanced, we are doing things faster and more efficiently. So if earlier to satisfy the need to talk to others we needed to walk miles now we can just call them. What this has done is that we are fulfilling our needs faster and thus overdosing on goods. If one keeps using the same thing over and over the pleasure gained from it keeps going down (marginal utility) and a time comes when we would rather buy another product than use the old one. And with more and more efficient products, the needs are being fulfilled more efficiently and quickly.
Faster consumption of diverse products raises aggregate demand and to match this we produce new products. These new products fulfill our basic needs much faster thereby increasing the need for pleasure which leads us to consume more products further raising demand for such products. So the result is that a reinforcing loop has been created which is fueling consumerism.
Now in this backdrop, lets analyze what has been happening over time. As we are getting more technologically advanced, we are doing things faster and more efficiently. So if earlier to satisfy the need to talk to others we needed to walk miles now we can just call them. What this has done is that we are fulfilling our needs faster and thus overdosing on goods. If one keeps using the same thing over and over the pleasure gained from it keeps going down (marginal utility) and a time comes when we would rather buy another product than use the old one. And with more and more efficient products, the needs are being fulfilled more efficiently and quickly.
Faster consumption of diverse products raises aggregate demand and to match this we produce new products. These new products fulfill our basic needs much faster thereby increasing the need for pleasure which leads us to consume more products further raising demand for such products. So the result is that a reinforcing loop has been created which is fueling consumerism.
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