Economic development does not necessarily promote what is best for the people. It may inadvertently create incentives that harm the world, such as foods that promote obesity, production that destroys the forests, and media that misinforms the public.
Economic development does not make people feel meaningfully better or increase well being. It does not concern itself with ethics or morality. It brings about a greater focus on career and materialism.
Countries that are less well-off economically may be better off mentally, spiritually or in other areas. Studies show that if richer and poorer countries are compared at a point in time, life satisfaction increases with the absolute amount of GDP per capita, but at a diminishing rate. However, there is no significant relationship between the improvement in happiness and the long term rate of growth of GDP per capita. Time series studies reporting a positive relationship confuse a short-term positive association between the growth of happiness and income, arising from fluctuations in macroeconomic conditions, with the long-term relationship, which is nil.
I have noticed that people can be more content, healthier and family orientated in some less developed countries. I see people enjoying themselves in the park, in the town square and by the sea.
Economic development does not make people feel meaningfully better or increase well being. It does not concern itself with ethics or morality. It brings about a greater focus on career and materialism.
Countries that are less well-off economically may be better off mentally, spiritually or in other areas. Studies show that if richer and poorer countries are compared at a point in time, life satisfaction increases with the absolute amount of GDP per capita, but at a diminishing rate. However, there is no significant relationship between the improvement in happiness and the long term rate of growth of GDP per capita. Time series studies reporting a positive relationship confuse a short-term positive association between the growth of happiness and income, arising from fluctuations in macroeconomic conditions, with the long-term relationship, which is nil.
I have noticed that people can be more content, healthier and family orientated in some less developed countries. I see people enjoying themselves in the park, in the town square and by the sea.
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