Conventional wisdom presents the seven deadly sins (pride, greed, wrath, envy, lust, gluttony, and sloth) as the main sources of evil-doings on Earth and ultimately they will lead to the destruction of humanity. Still, one peculiar sin has proven more helpful in regard to the worldwide economy. Although greed is believed to cause people erratic behavior toward money or power, some economists argue that it is one factor that maintains the welfare of the present-day economy.
Dating as far as the first appearance of humankind, greed has been a constant in our everyday lives in one form or another. The longevity of this sin is partially due to our psychological nature as our ancestors fought hard to survive, fearing the lack of food, so it is only natural for humans to crave more than they need to feel comfortable and ensure survival. Even though this explanation relates more to food and other survival needs, the mentality of wanting more than we need is visible in other domains of life.
One such example is consumer behavior: by being greedy, we desire to consume more and more goods and as we purchase them, we unknowingly support the economic cycle. Corporations increase their profits whilst we are pleased with our purchases. Nonetheless, if this was the reality the world would be in a much better state. The biggest problem with greed is its unstoppable nature. We, as consumers, will crave more and more products whilst companies will only create more products for us to buy to secure their enormous profits. In some cases, people even develop shopping addictions that make them spend recklessly and many wind up in debt.
Despite the extreme consequences of excessive greed, it has been proven that moderate greed is beneficial for the well-being of the world economy. By buying goods at a constant rate, we support the economic cycle which inevitably improves our quality of life. However, this idea has been the topic of debate for decades, as some economic experts argue that greed might cause inflation instead of aiding the economy. Generally, greed is regarded that it unconsciously preserves our persistent wish to purchase and consume goods. Nowadays, we cannot identify greedy behavior because it has become a part of our daily behavior. We behave unconsciously greedy even though we don’t want to believe it to be true.
We live in a society that relies heavily on the purchase and consumption of replaceable products, so it is natural to adhere to materialistic pleasures such as buying countless pieces of clothing, books, jewelry, or other non-essential items. It is crucial that we comprehend that the joy in life relies on the simpler things that we tend to overlook, rather than on an expensive watch or a sports car.
Bibliography:
competitive-advantage/
Comments