Many countries aim to improve their living standard by economic development, but some important social values are lost as a result. Do you think the advantages of economic development outweigh the disadvantages?

A number of leaders around the world believe that improving a country’s economy will bring developments in many other aspects of a country. However, some people point out that focusing too much on financial prosperity has caused traditional values to be forgotten. Although I agree with their view to some extent, I believe that the benefits brought by a good economy far outweigh its drawbacks. Admittedly, there are a few downsides to placing too much importance on economic growth. Striving for the financial gain can cause citizens to become money oriented and more materialistic. People overindulge in luxuries and eventually, traditional societal values such as value of moderation rather than excess are lost. Happiness will be defined by one’s material possessions and children will think that everything can be bought with money. Moreover, parents are so busy working for money that they overlook the importance of family and the value of a close-knit family is often forgotten as a consequence. On the other hand, a financially stable country has many advantages over a poor nation. A healthy economy means better job opportunities, high employment rates and higher income for the citizens. An economically strong government can invest in the country’s infrastructures such as schools, hospitals and transport networks resulting in more educated and healthier citizens who enjoy higher living standards. This can lead to a significant reduction in many social and health problems such as illiteracy, crimes and poverty related diseases that are faced by countries with financial limitations. Moreover, it is generally true that the happiest countries in the world are the ones that are doing financially well such as Norway and Denmark. In conclusion, I believe that every country needs to work towards financial development as it brings a plethora of advantages for its nationals. However, individuals ought to work together to attain the financial goals whilst preserving the essential social values.