materialism

Global growth no longer keeps the pace of just a decade ago. Researcher Joergen Oerstroem Moeller points to behaviors that contribute to reduced consumption: Life expectancy has risen, but ages for collecting pensions have remained steady at around age 60, thus stretching out the retirement stage of life. Fearing poverty, combined with increased uncertainty over government regulations and social welfare programs, consumers save more. Governments and corporations have taken on more debt; consumers recognize that tax bills and higher prices are inevitable. Economic recession combined with environmental awareness discourage materialism. The behaviors are contributing to a trend of reduced growth. “Efforts from policymakers to reverse that trend will only further unbalance national economies and aggravate deficits and future burdens,” Moeller warns. He urges governments and individuals to respond with policies adjusting to lower growth and emphasizing qualitative growth including education, health, and activities that promote well-being and happiness.