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?
The highest priority of most of the nations is to boost economic growth and development. It has enabled these countries to eradicate poverty and improve the well-being of their citizen. Even though, it has caused the loss of social values from the society, yet, I believe that the benefits exceed the drawback by a distance. Most of the countries are trying to bring prosperity in their community by attractive economic policies, which has resulted in improved quality of life for their people. The countries are able to uplift their habitants out of poverty and provide them with better healthcare and education. This eventually leads to a healthy and happy people. A common denominator for most of the happiest countries in the world is that they have high economic standards, for instance, Norway and Denmark. However, the downside of economic progress is that societies may lose their social values. As can be seen in wealthy countries like the United States and Canada that people do not spend much time with their families due to their hectic schedules. Furthermore, it has also resulted in internal migration within the country, where people migrate from small towns and villages to major cities leaving their families behind. To conclude, albeit, economic development has an impact on family values and people's work-life balance; yet, the advantages of a prosperous society outshine its disadvantages. People in these countries live a cherished and prosperous life which improves their overall standard of living.