In recent years most countries aim to elevate the standard of living through economic advancements. This essay will elaborate on both the benefits and drawbacks of this development.
On the one hand, there are a number of merits to this trend. One positive aspect is that it can enable government to invest in other fields. This is due to the fact that if the economy witnesses significant changes, people’s salaries will increase. This would lead to higher demand in all aspects and services. As such, investment in fields such as education, healthcare, etc., can be made to meet the growing demands of citizens. Another advantage is that it can improve the quality of life. This is owing to the fact that as people earn more money, their mental condition needs to be satisfied. Therefore, it is crucial that recreational services are available. For instance, local tourism or traditional customs may be participated in by numerous individuals seeking entertainment. Resultantly, this will boost the popularity of traditional practices.
On the other hand, there are multiple demerits of this phenomenon. One adverse impact is that it can lead to the loss of social values. Evidence for this is that as people strive to make ends meet, they become obsessed with economic prospects and neglect other aspects of life. For example, exchanging conversation nowadays tends to contain underlying benefits rather than friendly intentions. Consequently, individuals become distant, and the value of social interaction declines. Another disadvantage is that it can lead to negative conduct. People may engage in money laundering, bribing, etc., in order to achieve favorable financial conditions. As a result, economy-related crimes may emerge.
In conclusion, there are both pros and cons to this practice. Therefore, it should be carried out with careful consideration so as to obtain desirable outcomes.