It’s Raining Cats and Dogs
A common “ice breaker” question, the question of whether someone has a cat or a dog, is usually answered by a yes which is followed, most times, by detailed stories of the trouble their pet has gotten up to. With around 63% of US Households owning at least one pet, it is no doubt that our furry friends play an important role in our lives. While many argue that a cat or a dog is far too much work and far too much stress, however those that own pets know that while there is some work involved, it is worth it as pets truly make us happier. In fact a study done by the National Institute of Health found that out of 240 married couples, “those who owned a pet were found to have lower heart rates and blood pressure...than those without pets”. Not only this but they also found that when these people were with their pets they had calmer, milder responses, and their stress levels went down faster (“Can Pets Keep”). Although people argue that pets are too stressful the facts show that pets actually reduce stress. Another argument is that pets have too many negative externalities on others. While yes dogs poop in other people’s yards and in parks, and cats prevent people who are allergic from being able to see their loved, but by being a responsible pet owner these externalities can be significantly diminished. For example if people pick up their dogs poop it is no longer a negative externality and if cat owners keep a clean house the cat will only bother people with allergies to small extent. Clearly pets have both healthy benefits and, with responsible owners, less negative externalities than people think, but they also have a price tag on them. Pets are a private good, one not everyone can afford and if someone wants to have a pet they need to be aware of the financial impact it could have on them.
This idea that pets make us happier has even been picked up by pet product suppliers, see this commercial to see what Purina has to say about it view this video
Through the years the roles of our pets in our family has evolved. From sleeping outside to sleeping on beds, dogs and cats have truly become family members. Just like any other human family member, people are not afraid to spend about 574 dollars on a dog’s surgery and about 337 for a cat. Not only do people spend a large amount of money on their animals medical care but they also pay around 241 dollars for dog food and 185 dollars for cat food per year. The total cost of a dog per year is 1,571 dollars and for ten years it is 15,710 dollars. For a cat the total cost per year is 919 dollars and for ten years is 9,190 dollars. (“The Economics of”)
Although pets may cost a lot of money for their owners, this money spend on pets gets fueled back into our economy. In 2009 the estimate as to how much the pet industry is worth was said to be around 45.4 billion dollars (“The Economic Impact”). Additionally the pet care industry is one of the fastest growing parts of retail, expanding 6% annually and the veterinary service has grown about 10% annually for the past decade (“The Pet Economy”).
In conclusion pets represent a significant financial cost to their owners. Therefore prospective pet owners must be sure that they can financially handle a pet, however the marginal cost of adding one of these furry family members should not be a reason why people turn their nose up at the idea of a pet. The marginal benefit of having a dog or a cat far outweighs the cost of them. Additionally, while pets may not be the best for an individual's bank account, they are an important part of our economy.
Works Cited
Hughes, Jim. “The Economic Impact Of The Pet Industry”. Kennel Spotlight: n.pag. Web. 19
Sept. 2014.
Brady, Diane, Christopher Palmeri. “The Pet Economy”. Businessweek (2017): n.pag. Web.
19 Sept. 2014
“Can Pets Keep You Healthy?”. NIH News in Health (2009): n.pag. Web. 19 Sept. 2014
McWhinney, James E. “The Economics of Pet Ownership”. Investopedia (2014): n.pag. Web.
19 Sept. 2014.
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