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? Give reasons for your answer and include any relevant examples from your own knowledge or experience.

By most of the nations, living standard, which is generally considered to be improved by the progress in the economy, resultantly leads to the loss of a few significant social values. Although the rise in the economy can have some advantages, the negatives seem to outweigh the positives in this case. Despite the advantages, due to economic development, the rise in the living standard has disadvantages too. The primary one is the lack of attention on children by birth givers. While giving more priority to work for earning a large sum of money rather than spending quality of time with children, most of the parents are likely to be unable to know about their children’s outside activities with their peer groups except for studying in school. As a result, children may be part of anti-social activities like theft, drinking, and drug abuse. For instance, the western countries, especially the USA, which are generally considered to have a better living standard all over the world, have more involvement of children in anti-social activities than others because of having a less interaction of working parents toward children. Despite the advantages, due to economic development, the rise in the living standard has disadvantages too. The first and foremost drawback is the lack of intimacy among people. While giving more priority to work earning a large sum of money rather than spending quality of time with friends, neighbours, and relatives, people are likely to be unable to balance their relationships with one another properly. As a result, it becomes difficult for them to understand and help each other in different situations, especially sorrows. To cite an example, the western nations like Canada, Australia, and the USA, which are generally believed to have a high living standard, may have weak relationships among people due to having a busy schedule. In conclusion, though the economic development can be beneficial due to the rapid increase in the job chances for professionals, including a high rate of income, it seems to be largely disadvantageous because of giving less attention to children by parents.