AOM 1

Sarah Laskin
GPHC Ascent of money 1
Through history, behavior and money have been two factors which drive the world as we know it. Both topics are huge, and people spend their lives dedicated to figuring out how each topic works, and many sociologists have tried to find linkage between the two. 
Behavior and money are certainly linked; this can be shown through history. During times of crisis in the world, when human behavior is changed, the economy follows suit. Humans are social creatures, with built in survival instincts. If they see a crisis, most people hoard their money, take out their investments, and bunker down on their cash in case the economy falls. This is bad for the economy because our capitalist economy is built on consumerism and spending- if everybody is saving and too scared to spend, how will anybody make money?
The behavior of individuals and how they handle money is also important to take into account when talking about the economy as a whole. For example, during these times of crisis consumers might take more money out of banks as banks can lose money too. In some cases when a huge bank fails, consumers lose their money, and this is neither good for the banks nor customers. Consumers also invest in the stock and bond markets, which can help the economy to a great scale, but also hurt it as when the economy isn’t doing well consumers might be more prone to take their money out of the market. 

Behavior and the use of money is also important on a social scale, especially when having to deal with culture. In our society, brand names and fancy cars equal wealth, and someone with these assets is viewed as “rich and successful”. Many cultures view having these depreciating assets with a fancy logo as being successful, and spend their money on things that can be cheaper if not for the brand. This is further emphasised by celebrities and icons also having brand name things. Therefore, the mindset is to spend, spend, spend on these items. This makes for people having no money in their savings because it is all spent on a new phone, new car, or bigger house. Living above one’s means is a risky position as if there is no money saved, the person would be doomed in an emergency scenario. This shows truly how much money and society influence an individual.

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