The obsession of economists with consumption as a measure of economic well-being has prevented us from understanding the true nature of economic well-being. ██ ███ ████ ██████ ████████████ ███ ██ ███ ████ ████ ███ ████████ █████ ████ ███ ███████████ ███████████ ███ ███ ████████ ██ ███ █████ █████ ██ ███ ████ ██ █████████
Economist’s obsession with consumption as a measure of economic well-being prevents us from understanding true economic well-being. Why? Because we are not very satisfied by the fact that some things must be replaced.
There is more to economic well-being than consumption.
The author is arguing that
economic well-being cannot ██ ███████ ██████ ██ █████ ██ ███████████
We should not define economic-well being solely in terms of consumption because we don’t get much satisfaction from replacing things we have consumed.
satisfaction is possible ███████ ███████████
We don’t know whether the author believes satisfaction is possible without consumption. Rather, the author is making an argument that there’s more to satisfaction than consumption.
valid measures of ███████████ ██████ ██ ███████
We don’t know whether the author believes that we cannot measure consumption accurately.
modern products are ████████ ███ █████ ████████████
We don’t know whether the author believes modern products are designed to be discarded early.
satisfaction can provide ██ ████████ ████████████ ███████ ██ ████████ ██████████
We don’t know whether the author believes satisfaction can accurately measure economic well-being. We only know that the author believes that there’s more to economic well-being than consumption.
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