Economic growth and development are usually considered to be beneficial both for individuals and for society as a whole. Do the advantages of economic development outweigh the disadvantages?
Q: Economic growth and development are usually considered to be beneficial both for individuals and for society as a whole. Do the advantages of economic development outweigh the disadvantages?
A: Economic growth is certainly good for both the individual as well as the society. There could be a few drawbacks as a result of rapid economic expansion. Let us look at both sides of the story.
First of all, poverty is a curse and no one should suffer from it. Economic growth pulls people out of poverty. The last few decades have seen unprecedented economic development in Asia resulting in millions enjoying a better standard of life. Notably, in China and India, both these countries have the largest “middle class” in the world. Economic development is so good that it can help entire societies prosper. People who could barely afford a bicycle can now buy the most luxurious cars due to consistent economic growth. More children go to school, older people get social benefits and there is overall happiness because of it.
Can there be a bad side to economic growth? Maybe, but these drawbacks are not particularly bad for people. The first disadvantage is a spike in consumption leading to greater increase in prices. For example, the Chinese have recently started importing large quantities of meat products, which is leading to upward movement in meat prices and other products.
Secondly, it can bring about more environmental damage due to higher emissions as a result of more vehicles being purchased. There are very few disadvantages of economic development.
I strongly believe that economic growth can only be good. Although one can come up with points to the contrary, it is reasonable to say that everyone benefits from development. It is good for the society as well. If an individual has made great economic progress, he would invariably contribute to his economy. As his consumption of goods and services increases, the society benefits from the sale of goods. It generates jobs indirectly. More chefs, drivers,barbers and cleaners would get hired and so on.
In conclusion, economic development is definitely good for individuals as well as the society. Individuals make the society, they consume and spend more, thereby generating opportunities for everyone in the society.
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