Most present-day futurists are not strangers to the bleak scenario of a world where economists maximise the GDP with disregard for other variables. While economic indicators are important, they do not entirely capture all factors that measure how a country grows and changes. Rather, we should also look at non-material progress for a complete picture.
One of the most important factors outside of economics intersects with the environmental sustainability. Undeniably, business entities have to protect the environment as well by reducing carbon footprints. Hardly anyone can deny that human-induced greenhouse gas emissions are the dominant driving force behind the current climate crisis, which leads to increased prices and potential famines. Therefore, these approaches allow the nation to prevent environmental consequences and maintain sustainable developments in the long run.
Additionally, a country’s success is connected to its educational system. Citizens should have equal access to education and be treated without discrimination. This will encourage society to narrow the gap between the rich and the poor, thus staving off social unrest.
Despite this, critics argue that economic growth also creates a huge money flow to support the improvement of waste recycling systems, and promote the implementation of renewable energy in production. However, it ensures that nations are not plagued by corruption or economic inequality. Many small businesses in Qatar are considered as economy’s lagging “long tail” because larger firms’ preferred modus operandi is rent-seeking. Consequently, this country lacks providers of vital, local services in the foundational economy, not allowing the rest of the economy to function.
In conclusion, a country must have high principles if it wishes to be truly considered successful. Economic progress is still a crucial benchmark, but it is not the only one. Surely, what makes a country advanced is not its GDP or modern buildings, but how civilized it is.