In
economics
Economics () is the social science that studies the production, distribution, and consumption of goods and services.
Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes ...
, a durable good or a hard good or consumer durable is a
good
In most contexts, the concept of good denotes the conduct that should be preferred when posed with a choice between possible actions. Good is generally considered to be the opposite of evil and is of interest in the study of ethics, morality, ph ...
that does not quickly wear out or, more specifically, one that yields
utility
As a topic of economics, utility is used to model worth or value. Its usage has evolved significantly over time. The term was introduced initially as a measure of pleasure or happiness as part of the theory of utilitarianism by moral philosoph ...
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, so durable goods are typically characterized by long periods between successive purchases.
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.
Examples of consumer durable goods include
bicycles
A bicycle, also called a pedal cycle, bike or cycle, is a human-powered or motor-powered assisted, pedal-driven, single-track vehicle, having two wheels attached to a frame, one behind the other. A is called a cyclist, or bicyclist.
Bi ...
,
books,
household goods
Household goods are goods and products used within households. They are the tangible and movable personal property placed in the rooms of a house, such as a bed or refrigerator.
Economic role
Businesses that produce household goods are catego ...
(
home appliance
A home appliance, also referred to as a domestic appliance, an electric appliance or a household appliance, is a machine which assists in household functions such as cooking, cleaning and food preservation.
Appliances are divided into three ...
s,
consumer electronics
Consumer electronics or home electronics are electronic ( analog or digital) equipment intended for everyday use, typically in private homes. Consumer electronics include devices used for entertainment, communications and recreation. Usuall ...
,
furniture,
tools, etc.),
sports equipment
Sports equipment, sporting equipment, also called sporting goods, are the tools, materials, apparel, and gear used to compete in a sport and varies depending on the sport. The equipment ranges from balls, nets, and protective gear like helmets. ...
,
jewelry
Jewellery ( UK) or jewelry ( U.S.) consists of decorative items worn for personal adornment, such as brooches, rings, necklaces, earrings, pendants, bracelets, and cufflinks. Jewellery may be attached to the body or the clothes. From a w ...
,
medical equipment, and
toy
A toy or plaything is an object that is used primarily to provide entertainment. Simple examples include toy blocks, board games, and dolls. Toys are often designed for use by children, although many are designed specifically for adults and pet ...
s.
Nondurable goods or soft goods (
consumables
Consumables (also known as consumable goods, non-durable goods, or soft goods) are goods that are intended to be consumed. People have, for example, always consumed food and water. Consumables are in contrast to durable goods. Disposable products ...
) 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
cosmetics
Cosmetics are constituted mixtures of chemical compounds derived from either natural sources, or synthetically created ones. Cosmetics have various purposes. Those designed for personal care and skin care can be used to cleanse or protect ...
and cleaning products, food, condiments, fuel, beer, cigarettes and tobacco, medication, office supplies, packaging and containers, paper and paper products, personal products, rubber, plastics, textiles, clothing, and footwear.
While durable goods can usually be rented as well as bought, nondurable goods generally are not rented.
Durability
According to Cooper (1994, p5) "
durability
Durability is the ability of a physical product to remain functional, without requiring excessive maintenance or repair, when faced with the challenges of normal operation over its design lifetime. There are several measures of durability in us ...
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.
Product life spans and sustainable consumption
The life span of household goods is significant for
sustainable consumption
Sustainable consumption (sometimes abbreviated to "SC") is the use of products and services in ways that minimize impacts on the environment in order for human needs to be met in the present but also for future generations. Sustainable consumption ...
.
The longer product life spans could contribute to eco-efficiency and sufficiency, thus slowing consumption in order to progress towards a sustainable consumption.
Cooper (2005)
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 relating to the quality standards for supplied goods.
See also
*
Coase conjecture
The Coase conjecture, developed first by Ronald Coase, is an argument in monopoly theory. The conjecture sets up a situation in which a monopolist sells a durable good to a market where resale is impossible and faces consumers who have different ...
*
Disposable product
*
Industrial organization
In economics, industrial organization is a field that builds on the theory of the firm by examining the structure of (and, therefore, the boundaries between) firms and markets. Industrial organization adds real-world complications to the perf ...
*
Pacman conjecture {{refimprove, date=May 2008
The Pacman conjecture holds that durable-goods monopolists have complete market power and so can exercise perfect price discrimination, thus extracting the total surplus.Coase versus Pacman: Who Eats Whom in the Durable ...
*
Planned obsolescence
In economics and industrial design, planned obsolescence (also called built-in obsolescence or premature obsolescence) is a policy of planning or designing a good (economics), product with an artificially limited Product lifetime, useful life o ...
*
Putty-putty In economics, putty-putty describes an attribute of capital in financial models. Putty-putty capital can be transformed from flexible capital into durable goods
In economics, a durable good or a hard good or consumer durable is a good that does ...
References
Goods (economics)
Waste minimisation
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