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Explain how the corporate guided market mitigates the threat of under-consumption in the system of abundance - Essay Example

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Meaning, there exists a high production level to the extent that all the produced commodities can not be consumed by the market. In such a situation, the people of plenty do not…
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Explain how the corporate guided market mitigates the threat of under-consumption in the system of abundance
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Micro and Macro Economics Mitigation of the Threat of Under-Consumption in a System of Abundance Abundance is economic system in which the rate of consumption is lower than that of production. Meaning, there exists a high production level to the extent that all the produced commodities can not be consumed by the market. In such a situation, the people of plenty do not necessarily need to purchase commodities as it is not necessary for them. To ultimately address the problem of under-consumption, the corporate guided market should take the necessary measures.
The first step should be the promotion of marketing activities for the commodities produced. Many people may fail to engage in consumption because they lack the necessary information about the available commodities. Therefore, by engaging in activities like branding and advertising, the potential consumers would be equipped with the information about the production, use and benefits of various commodities in the market. Through this, they would be lured to buy them thus increasing their consumption levels to match the level of production (Keynes 75).
Apart from intensive marketing of the available commodities, the corporate guided market should consider reviewing the labor market. Since under consumption is attributed to low or stagnated wages, the employees should be offered higher and reasonable wages that correspond with the kind of work that they offer. This can help in empowering them to have enough income that they can use in purchasing all the available commodities in the market (Sullivan & Steven 29). After all, they are produced to be fully consumed.
Bibliography
Keynes, JM, 2007, The General Theory of Employment, Interest and Money. Palgrave
Macmillan, Basingstoke, Hampshire.
Sullivan, A, Steven, MS, 2003, Economics: Principles in action. Pearson Prentice Hall, Upper
Saddle River. Read More
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