Answer
Advertising hurts economic well being by manipulating people's tastes psychologically and impeding competition.
Advertising helps economic well being by providing some information and making markets more competitive.
Work Step by Step
Advertising is not usually informational; it creates a psychological desire. It also discourages competition by creating brand loyalty, and buyers ended paying more than they should.
In general, advertising provides a buyer with more information than no advertising. If nothing else, it at least shows the buyer that the seller has enough confidence in the product to invest in advertising it. Also, because any firm can participate in advertising, a new firm can attract business through it. With more ease of entry, a market becomes more competitive.
