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What does Galbraith mean by "wants are increasingly created by the process by which they are satisfied" mean? In other words, what is the Dependence Effect? It is very important that you put this answer in your own words. If you are mainly repeating words from the reading, it will not be clear that you understand what you are saying.

User Jack Nock
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Answer:

Step-by-step explanation:

What does Galbraith mean by "wants are increasingly created by the process by which they are satisfied"?

What are wants?

They are the desires of economic agents or we humans. They are goods or services we wish to purchase or have.

What is the process by which they (our wants) are satisfied?

The process of production.

Manufacturers of goods and innovators of services are the process by human wants are satisfied.

How are wants increasingly created by this process of production?

Galbraith argues that the institutions of modern advertisement and salesmanship convince people (owners of funds for purchasing goods and services) that they need things which they don't really need.

This is a situation whereby a certain product was not necessary to an individual but owing to advertisements of that product, the product is now on the list of wants of that individual. The individual now wishes to purchase that product.

The Dependence Effect states that advertising convinces people that they need things which they don't really need.

User Unihedron
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