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

May

3

2020

Economic development has led to an increase in the purchasing power among individuals, and they are spending more cash on different things as compared to the past. In my view, there are more positive aspects verses the negative impact. In my essay I will discuss both the views, before I draw a conclusion.

To embark upon, the economic development of a nation has many positive impacts. Developed countries have a higher employment levels, which leads to increase in their spending power of the individuals. For instance, we have seen people spending their money on different things like travel, buying latest devices etc through online websites. In addition, this also helps in reducing crime in the country. As most of the people are employed and have disposable income they are able to meet their needs as well as the needs of their loved ones. There is less theft in the country as people are employed and earning good earnings.

However, there are some downsides to this. As individuals have a lot of disposable income, they tend to lose the value of things and money. With technology getting more and advanced each day, people spend a lot of their income on latest devices such as mobile phone, laptops,and home appliances. Furthermore, this leads to the huge amount of wastage, as people throw away their own devices.

In conclusion, having huge disposable income among the people of the country portrays a positive sign.However, it is important that such income needs to be used wisely which can lead to benefit the whole society.

In: Essays Asked By: [23 Grey Star Level]

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