Privacy is Worth to Today’s Consumers

PRIVACY IS WORTH TO TODAY’S CONSUMERS 4

Privacyis Worth to Today’s Consumers

Privacyis Worth to Today’s Consumers

Dueto technological advancements, many companies are having newapproaches that are intended to get into consumer’s way of thinkingin order to make more profit. Today’s consumers are known tospending most of their time in online social, commercials andentertainment platforms (Hyde, 2016). Due to this fact, manycompanies are striving at gaining any information from theirconsumers that might prove to be useful and ultimately profitable.Companies are using data brokers who help in merging all consumerinformation that is gotten from disparate sources (Hyde, 2016). Inthis regard, companies are able to collect and analyze consumer’spsychological profiles with the aim of creating personalized packagesthat meet consumer demand. In addition, this approach has enabledmany companies to predict accurately consumers’ purchasing powerfor certain goods or services (Hyde, 2016).

Thearticle has indicated that consumer privacy is typically economicallyambiguous in that there are many instances where consumers benefitfrom this approach. However, the main problem that this article seeksto address is the availability of regulations or rules that may helpin protecting consumer’s personal information and thus privacy(Hyde, 2016). The article further indicates that there is indeed aneed of a mutual agreement between consumers and business on the needof having level of privacy that is optimal. In addition, consumershave a right of owning information regarding their lives, interest,actions and desires.

Thisprivacy issue has a significant impact to my future career ineconomics because of such issues such as ethical standards. This isbecause it does not feel ethically moral for companies to pursueconsumer information such as the level of income, race and browsinghistory without the consent of the consumers. I believe that thisissue will spark debate on who owns the right to online data. This isbecause currently, there are no rules or regulations that protectonline data in regards to the users.

Reference

Hyde,T. (2016). Howmuch privacy is owned to today’s consumers?American Economic Association. Retrieved from,&lthttps://www.aeaweb.org/research/how-much-is-privacy-worth-todays-consumers&gtDate Accessed, June 14, 2016.