Over production

The world is producing more goods than is really needed. The over production has lead to the wasteful use of energy and resources and damage to the environment. Through competition, more people are working harder to produce goods that are not really  needed. We have too much clothes, electronic equipments and gadgets and too little time (due to long working hours) to enjoy them.

We work longer hours to keep our job, but in the process cause other people to lose their jobs, because they work in "less efficient" businesses or countries.

Is this called "prosperity and affluence" ?

Tan Kin Lian