Nowadays, most of the countries improve the standard of living through economic development. But some social values are lost as a result. Do you think the advantages of the phenomenon outweigh the disadvantages?

At present, the majority of nations enhance the level of well-being through economic development.

However

, some ethical standards are forfeited

as a result

. From my point of view, the advantages of

this

phenomenon outweigh the disadvantages and

further

illustrations with examples are portrayed in the upcoming paragraphs.

Firstly

, when the economy of a country is flourishing, it offers a number of opportunities and possibilities to the community at large.

In other words

, the expansion of the gross domestic production of a nation is an excellent indicator of the habitude of the people in that territory.

This

is derived from the progressive production leading to opening up more and more employment opportunities to the economy.

Consequently

,

this

resulted in increased purchasing power of people, allowing them to have access to luxurious products in the market.

Furthermore

, the reduced impoverishment allows people to utilize better community services

such

as health, education and transportation.

However

, on the flip side, a boomed economy is more prone to unfair competition and illegal commercial actions

such

as the Ponzi scheme and pyramid system which will carry negative externalities to society

due to

the civic virtues being destroyed through the developed economic environment.

For example

, foreign companies

such

as Amazon and Flipkart have their own aggressive pricing strategies which act as a threat to small businesses. In conclusion,

although

the moral codes of society are retrieved

as a result

of the economic advancement of most countries, improvement of the standard of living appears to have a variety of benefits over pitfalls.