Essay about Economics : The Overall Success Of An Individual

Essay about Economics : The Overall Success Of An Individual

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The need to study and to understand economics is vital to the overall success of an individual. Economics is no longer simply supply and demand; it has grown in to complex and intricate system of cause and effect situations. As society has advanced throughout the centuries so has the economy. Traditional economics have transformed into a web of GDP, inflation, and the stock market, among others. To truly study economics, on must expand beyond currency evaluation, and into the social-economic field. The success of the current economy is dependent on accurate forecasts on social-economic factors. Take the US Federal Reserve which recently raised interest rates for the first time since 2006 (CNN Money). For months leading up to the decision, panels took part in discussing whether the American people could handle a rate hike. While the raise will benefit Americans throughout the world, the decision means stronger dollar, which could hurt international businesses. A main reason for this was a rebound in the consumer economy. Americans are spending their money again, a factor with big weight in the overall strength of the economy. But, many see this as a sign of increasing materialism in the United States society. Americans should analyze the decision of wants verses needs and introduce new spending ideas to better reflect and modern and unstable economy; an American Dream without the sports car.
Within every city in America is the deluxe shopping mall, a self-staining kingdom. Guarded by knights, the palace offers a safe-haven for the surrounding community. American Malls are a staple in culture and are unparalleled in the rest of the world. Phyllis Rose states, “Walk into an American supermarket in February and the world lies before...


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...vestment greatly outweigh the cost for building. Schor echoes a similar point, “public funds for education, recreation, and the arts have fallen”, “resources shifting into private consumption” (Schor 10). If public investment improves, then the wealth gap will stop expanding and the overall prosperity of households in American will improve.
Post-Recession, Americans are becoming increasing confident in spending in America, but that spending is a result of materialism and the need for luxury goods. In addition, the American people continue to operate in recession like conditions, while American businesses and wealthy elite return to normal levels. The only way to truly return to a dominate American economy is to reintroduce a strong middle class, aided by the support of wealthy individuals who invest in the public sector, to improve societal influence on economics.

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