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 ██ ███████ ██████ ██ █████ ██ ███████████
satisfaction is possible ███████ ███████████
valid measures of ███████████ ██████ ██ ███████
modern products are ████████ ███ █████ ████████████
satisfaction can provide ██ ████████ ████████████ ███████ ██ ████████ ██████████