Short Essay (What is Affluenza) Example | Topics and Well Written Essays - 500 words

Short (What is Affluenza) - Essay Example In the book, the authors suggest that affluenza is overemphasis to economic growth based on feelings of unfulfilled lives and characterized by overwork, indebtedness and waste in a bid to fulfill the Australian dream (Hamilton & Denniss, 2005). In explaining what they meant by ‘affluenza’, Professor Clive Hamilton and Richard Denniss begin by citing figures in the Australian economy. According to them, the country’s economy grew by $25 billion. In spite of this growth, there exists gross under-funding of education, health and transport. The two authors point out that Australians are so occupied with posh life that they forget their core role in providing essential services. Actually, they write that ‘Australians today have real incomes three times higher than 1950’ (Hamilton & Denniss, 2005; p. 4). However, although Australians are some of the richest people on earth, they are not willing to pay taxes so that social or public amenities such as education and health could be improved. According to Hamilton and Denniss (2005), ‘Australia does not have a public health funding crisis: it has a flat-screen TV crisis (p. 5). This seems to be the perfect description for affluenza: being occup ied with unnecessary overconsumption at the expense of most important things. There is no doubt that the book expressly challenges capitalism. According to Cowie (2008), capitalism promotes classism. This is well evident in the Australian consumption spirit. The quest for more wealth leads to competition and creation of structures that benefit a few and disadvantage the majority. The rich become richer and the poor become poorer. No one is concerned with the welfare of the other. Instead of co-operating, people compete. This has led to propagation of classism and creation of vicious cycles of poverty in the society (Hart, 2010). Since the poor do not have an opportunity to better themselves, they become poorer. With regard to the rich, ‘as a

Government Intervention In Resolving Economic Issues Term Paper

Government Intervention In Resolving Economic Issues - Term Paper Example Inflation is a state of an economy in which the value of money is falling i.e. prices are rising. Normally, the rate of inflation i.e. increase in average prices level is measured with the help of price index or GDP deflator. Cost of living is increased, when inflation increases. These are simply directly proportional to each other. This situation badly affects the labor class i.e. the lower class of the country. They have scared financial resources and lots of financial problems to deal with. Increase in street crimes is also one of the problems created by inflation directly. When people have a burden of problems and frustration due to less financial resources but increasing prices, they jump into the street crimes to fulfill their needs. Inequality in Income Distribution is also part of economic diseases born by inflation. Here, the rich become richer and the poor become poorer. An abnormal unbalance is created in society. This may lead to further social and economic problems in the country. A decrease in savings also incurs when inflation is an increasing trend. People will spend all that they will earn and saving no penny for a tough time. The rate of interest will also increase due to an increase in inflations.