In economics, a durable good or a hard good or consumer durable is a good that does not quickly wear out or, more specifically, one that yields utility over time rather than being completely consumed in one use. Items like bricks could be considered perfectly durable goods because they should theoretically never wear out. Highly durable goods such as refrigerators or cars usually continue to be useful for several years of use,[1] so durable goods are typically characterized by long periods between successive purchases.
A car is a durable good. The gasoline that powers it is a non-durable good, or consumable good.
Durable goods are known to form an imperative part of economic production. This can be exemplified from the fact that personal expenditures on durables exceeded the total value of $800 billion in 2000. In the year 2000 itself, durable goods production composed of approximately 60 percent of aggregate production within the manufacturing sector in the United States.[2]
Nondurable goods or soft goods (consumables) are the opposite of durable goods. They may be defined either as goods that are immediately consumed in one use or ones that have a lifespan of less than three years.
According to Cooper (1994, p5)[3] "durability is the ability of a product to perform its required function over a lengthy period under normal conditions of use without excessive expenditure on maintenance or repair". Several units may be used to measure the durability of a product according to its field of application such as years of existence, hours of use and operational cycles.[4]
Product life spans and sustainable consumptionedit
Stopping the production of non-durable goods was supported by many European respondents to the European Investment Bank Climate Survey. It was a less popular idea in China.
The life span of household goods is significant for sustainable consumption.[5] The longer product life spans could contribute to eco-efficiency and sufficiency, thus slowing consumption in order to progress towards a sustainable consumption.[6] Cooper (2005)[6] proposed a model to demonstrate the crucial role of product life spans for sustainable production and consumption.
Durability, as a characteristic relating to the quality of goods that can be demanded by consumers, was not clear until an amendment of the law in 1994[which?] relating to the quality standards for supplied goods.
^O'Sullivan, Arthur; Sheffrin, Steven M. (2003). Economics: Principles in Action. Upper Saddle River, New Jersey 07458: Pearson Prentice Hall. pp. 302. ISBN978-0-13-063085-8.{{cite book}}: CS1 maint: location (link)
^Waldman, Michael (2003). "Durable Goods Theory for Real World Markets". Journal of Economic Perspectives. 17 (1): 131–154. doi:10.1257/089533003321164985.
^Cooper, Tim (1994). Beyond Recycling: The longer life option(PDF). Whitechapel Road, London: The New Economics Foundation. p. 5. OCLC 48830517.
^Stahel, Walter (2010). "Durability, Function and Performance". In Cooper, Tim (ed.). Longer Lasting Products: alternatives to the throwaway society. Farnham: Gower. ISBN978-0-566-08808-7.
^Cooper, Tim (1994). "The durability of consumer durables" (PDF). Business Strategy and the Environment. 3 (1): 23–30. doi:10.1002/bse.3280030103.
^ abCooper, Tim (2005). "Slower Consumption Reflections on Product Life Spans and the "Throwaway Society"" (PDF). Journal of Industrial Ecology. 9 (1–2): 51–67. doi:10.1162/1088198054084671.
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durable, good, economics, durable, good, hard, good, consumer, durable, good, that, does, quickly, wear, more, specifically, that, yields, utility, over, time, rather, than, being, completely, consumed, items, like, bricks, could, considered, perfectly, durabl. In economics a durable good or a hard good or consumer durable is a good that does not quickly wear out or more specifically one that yields utility over time rather than being completely consumed in one use Items like bricks could be considered perfectly durable goods because they should theoretically never wear out Highly durable goods such as refrigerators or cars usually continue to be useful for several years of use 1 so durable goods are typically characterized by long periods between successive purchases A car is a durable good The gasoline that powers it is a non durable good or consumable good Durable goods are known to form an imperative part of economic production This can be exemplified from the fact that personal expenditures on durables exceeded the total value of 800 billion in 2000 In the year 2000 itself durable goods production composed of approximately 60 percent of aggregate production within the manufacturing sector in the United States 2 Examples of consumer durable goods include vehicles books household goods home appliances consumer electronics furniture tools etc sports equipment jewelry medical equipment and toys Nondurable goods or soft goods consumables are the opposite of durable goods They may be defined either as goods that are immediately consumed in one use or ones that have a lifespan of less than three years Examples of nondurable goods include fast moving consumer goods such as food cosmetics cleaning products medication clothing packaging and fuel While durable goods can usually be rented as well as bought nondurable goods generally are not rented Contents 1 Durability 1 1 Product life spans and sustainable consumption 2 See also 3 ReferencesDurability editAccording to Cooper 1994 p5 3 durability is the ability of a product to perform its required function over a lengthy period under normal conditions of use without excessive expenditure on maintenance or repair Several units may be used to measure the durability of a product according to its field of application such as years of existence hours of use and operational cycles 4 Product life spans and sustainable consumption edit nbsp Stopping the production of non durable goods was supported by many European respondents to the European Investment Bank Climate Survey It was a less popular idea in China The life span of household goods is significant for sustainable consumption 5 The longer product life spans could contribute to eco efficiency and sufficiency thus slowing consumption in order to progress towards a sustainable consumption 6 Cooper 2005 6 proposed a model to demonstrate the crucial role of product life spans for sustainable production and consumption Durability as a characteristic relating to the quality of goods that can be demanded by consumers was not clear until an amendment of the law in 1994 which relating to the quality standards for supplied goods See also edit nbsp Business and economics portalCoase conjecture Disposable product Industrial organization Pacman conjecture Planned obsolescence Putty puttyReferences edit O Sullivan Arthur Sheffrin Steven M 2003 Economics Principles in Action Upper Saddle River New Jersey 07458 Pearson Prentice Hall pp 302 ISBN 978 0 13 063085 8 a href Template Cite book html title Template Cite book cite book a CS1 maint location link Waldman Michael 2003 Durable Goods Theory for Real World Markets Journal of Economic Perspectives 17 1 131 154 doi 10 1257 089533003321164985 Cooper Tim 1994 Beyond Recycling The longer life option PDF Whitechapel Road London The New Economics Foundation p 5 OCLC 48830517 Stahel Walter 2010 Durability Function and Performance In Cooper Tim ed Longer Lasting Products alternatives to the throwaway society Farnham Gower ISBN 978 0 566 08808 7 Cooper Tim 1994 The durability of consumer durables PDF Business Strategy and the Environment 3 1 23 30 doi 10 1002 bse 3280030103 a b Cooper Tim 2005 Slower Consumption Reflections on Product Life Spans and the Throwaway Society PDF Journal of Industrial Ecology 9 1 2 51 67 doi 10 1162 1088198054084671 nbsp This economic term article is a stub You can help Wikipedia by expanding it vte Retrieved from https en wikipedia org w index php title Durable good amp oldid 1183901653, wikipedia, wiki, book, books, library,
