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{{More citations needed|date=March 2024}}{{Short description|Good that has long term use}}
[[File:Volkswagen Beetle .jpg|thumb|A [[automobile|car]] is a durable good. The [[gasoline]] that powers it is a non-durable (or consumable) good.]]
In [[economics]], a '''durable good''' or a '''hard good''' or '''consumer durable''' is a [[Good (economics)|good]] that does not quickly wear out or, more specifically, one that yields [[utility]] over time rather than being completely [[Consumption (economics)|consumed]] in one use. Items like [[brick]]s could be considered perfectly durable goods because they should theoretically never wear out. Highly durable goods such as [[refrigerator]]s or [[car]]s usually continue to be useful for several years of use,<ref>{{cite book
| last1 = O'Sullivan
| first1 = Arthur
| author-link = Arthur O'Sullivan (economist)
| first2 = Steven M. | last2 = Sheffrin
| title = Economics: Principles in Action
| url = https://archive.org/details/economicsprincip00osul
| url-access = limited
| publisher = Pearson Prentice Hall
| year = 2003
| location = Upper Saddle River, New Jersey 07458
| pages = [https://archive.org/details/economicsprincip00osul/page/n318 302]
| isbn = 978-0-13-063085-8}}</ref> 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.<ref>{{Cite journal|last=Waldman|first=Michael|date=2003|title=Durable Goods Theory for Real World Markets|url=https://pubs.aeaweb.org/doi/pdf/10.1257/089533003321164985|journal=Journal of Economic Perspectives|volume=17|issue=1|pages=131–154|doi=10.1257/089533003321164985|doi-access=free}}</ref>
Examples of consumer durable goods include [[vehicle]]s, [[books]], [[household goods]] ([[home appliance]]s, [[consumer electronics]], [[furniture]], [[musical instruments]], [[tools]], etc.), [[sports equipment]], [[jewelry]], [[medical equipment]], and [[toy]]s.
'''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.
== Durability ==
According to Cooper (1994, p5)<ref>{{Cite book|url=http://irep.ntu.ac.uk/id/eprint/24666/1/201125_7266%20Cooper%20Publisher.pdf|title=Beyond Recycling: The longer life option|last=Cooper|first=Tim|publisher=The New Economics Foundation|year=1994|oclc=48830517|location=Whitechapel Road, London|pages=5}}</ref> "[[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.<ref>{{Cite book|title=Longer Lasting Products: alternatives to the throwaway society|last=Stahel|first=Walter|publisher=Gower|year=2010|isbn=978-0-566-08808-7|editor-last=Cooper|editor-first=Tim|location=Farnham|chapter=Durability, Function and Performance}}</ref>
=== Product life spans and sustainable consumption ===
[[File:Stopping the production of non-durable goods is unpopular in China, but supported by many Europeans..svg|thumb|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]].<ref>{{Cite journal|last=Cooper|first=Tim|year=1994|title=The durability of consumer durables|journal=Business Strategy and the Environment|volume= 3| issue = 1|pages=23–30|doi=10.1002/bse.3280030103|url=http://irep.ntu.ac.uk/id/eprint/8822/1/NPS_1086a_Cooper.pdf}}</ref> The longer product life spans could contribute to eco-efficiency and sufficiency, thus slowing consumption in order to progress towards a sustainable consumption.<ref name=":0">{{Cite journal|last=Cooper|first=Tim|year=2005|title=Slower Consumption Reflections on Product Life Spans and the "Throwaway Society"|journal=Journal of Industrial Ecology|volume= 9| issue = 1–2|pages=51–67|doi=10.1162/1088198054084671|url=http://irep.ntu.ac.uk/id/eprint/994/1/NPS_1081a_Cooper.pdf|doi-access=free}}</ref> Cooper (2005)<ref name=":0" /> 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|date=March 2021}} relating to the quality standards for supplied goods.
The condition of the economy is one of the biggest factors as well as the philosophy of money. Consumers want to use their money effectively and essentially get what they paid for, and in the best-case scenario, get more than what they paid for. In the pursuit of durable goods through the lifespans of the products and consumption of those products money and price dictate two of the biggest factors other than supply and demand. “At some point, people will realize that they can trade more easily if they use some intermediate good—money. This intermediate good should ideally be easy to handle, store and transport (function i).<ref>{{cite book | vauthors=((Bruin, B. de)), ((Herzog, L.)), ((O’Neill, M.)), ((Sandberg, J.)) | veditors=((Zalta, E. N.)), ((Nodelman, U.)) | date= 2023 | chapter=The Stanford Encyclopedia of Philosophy | title=Philosophy of Money and Finance | publisher=Metaphysics Research Lab, Stanford University | edition=Spring 2023 | url=https://plato.stanford.edu/archives/spr2023/entries/money-finance/}}</ref> It should be easy to measure and divide to facilitate calculations (function ii). And it should be difficult to destroy so that it lasts over time (function iii)” (de Bruin 2023). Durable good falls into this category since ease of commerce and convenience are key factors into making it a good product to buy.
== See also ==
{{Portal|Business and economics|Environment}}
* [[Coase conjecture]]
* [[Disposable product]]
* [[Eco-action]]
* [[Industrial organization]]
* [[Pacman conjecture]]
* [[Planned obsolescence]]
* [[Putty-putty]]
* [[Quality assurance]]
* [[Source reduction]]
* [[Waste minimisation]]
==References==
{{Reflist}}
{{Goodtypes}}
{{Recycling}}
{{Sustainability}}
{{Authority control}}
{{DEFAULTSORT:Durable Good}}
[[Category:Goods (economics)]]
[[Category:Environmentalism]]
[[Category:Industrial ecology]]
[[Category:Sustainability]]
[[Category:Waste management concepts]]
[[Category:Waste minimisation]]