Consumerism is an economic theory which states that a progressively greater level of consumption is beneficial to the consumers. The theory is based on the assumption that the consumers are rational and that they will make choices that maximize their utility.
There are different schools of thought in economics regarding consumerism. Some economists believe that consumerism is a positive force in the economy, while others believe that it has negative effects.
The proponents of consumerism argue that it leads to economic growth and higher standards of living for the people. They also argue that it encourages innovation and competition, which results in better products and services for the consumers.
On the other hand, the opponents of consumerism argue that it leads to wastefulness and over-consumption. They also argue that it encourages marketing and advertising, which can manipulate the consumers into buying things that they do not need.
There is a lot of debate about whether consumerism is good or bad for the economy and the society. However, there is no denying that it plays a significant role in our lives.