In this article we discuss about Is Luxury an evil? or What does it really mean by the word Luxury Life style? It is quite difficult to define luxury yet no two persons can agree on the exact connotation of the word ‘Luxury’. Some give it moral meaning and the some moralists my call my necktie and my coat a luxury, but I regard them as a necessities of life. On the other hand if I am surrounded by numerous articles of comfort and make them necessary to my well-being, then only I am having luxurious lifestyle.
According to the economic point of view, if we have one thousand rupees and consumed the goods and services that involve an expenditure of more than one thousand rupees then it would be a luxurious consumption. The material good of the world are limited and so is the income of most of us. Here all of spent money on those urgent needs which are immediate and less urgent than others. For this we build a series of desire giving them importance according to the need. Everybody needs food, drink and shelter and then other things that may satisfy our vanity. Here we have to apply economic principle of diminishing returns of satisfaction of our wants.
Here one has to satisfy his immediate needs and beyond which the satisfaction of wants resulting in the spending of money would be called luxury.
Yet certain amount of luxury helps us to become refined, gives us culture and good taste and helps to raise the standard of living for all. But one can see the difference in the pay hikes of the individuals. Certain man may spend more money than others. A politician may spend more money than a common man. In reality there is no standard by which one can measure the requirement of luxury.. There are many rich people who go on spending but they get no satisfaction.
In reality we have no final taste of luxury. Everyone has his own standard of luxury. The desire of each, the requirement of every individual’s efficiency, differences of customary position and the differences in the capacity to use and enjoy these all must be taken into consideration to decide if any particular expenditure that he or she makes is or is not luxury.