¶ … exist two polarizing concepts that define the nature of economic life. These two opposing views, consumption and production, have formed the basis for debate for social scientists throughout the twentieth century and, as the world enters the second decade of the twenty-first century, the debate continues (Butler, 2001). The debate centers on how each of these views affects the economy and which plays a more important role in driving the economy.
The two viewpoints in question arose during different historical periods. The production theory dominated economic thought in the 19th century as the world was entering the industrial age. The theory was that through increased production man's need and desire for wealth would be satisfied. For proponents of the production approach to economics, consumption was not a concern.
The consumption approach to economics developed in the twentieth century and has dominated economic thought to the present day (McCracken, 1987). From the consumption point-of-view, the driving force behind economics is the desire to consume. The emphasis is on how to increase consumption and not on how to increase production.
Although production and consumption began as economic approaches they have been incorporated into the other social sciences as well. Sociologically, consumption has become an important concept as experts in the field examine how economic decisions are made by members of society. For most members of society, purchasing and other behaviors are influenced by many factors but it cannot be denied that peer pressure and the media are part of it and that advertising is at the core of all of it.
Prior to the twentieth century, consumption was considered to be the result of need and the ability of manufacturers to produce what was needed. As the twentieth century progressed, however, manufacturers were capable of producing at a level where basic needs were...
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