Majority of the countries are aiming to elevate the living standards by means of economic development. However this could result in a loss of many social and ethical values. I concur with latter that social values and ethics could eventually disappear .
One of the significant goals of economic development that countires aim for, is to provide better employment opportunities to its country men. When more and more people are employed in a country, the poverty rate of the country is gradually reduced. Moreover, earning brings a stable income to the family which also help the individuals to spend money on things they deisre to buy and also save and invest for their future. For instance, the number of retail investors all around the world investing in stock markets have increased sharply. Henceforth, when more funds are poured in the stock markets, it ultimately benefits not only the companies but in the end helps to raise the GDP of the country as these companies get the required funding from the people of its own country.
On the other hand, the drawbacks of economic development to improve the living standards of the people cant be ignored. People would strive for better housing facilities, for example, to live in high rise buildings that provide them with all the necessary and luxury facilities. But, this limits the amount of social interaction that children get to benefit, compared to living in independent houses or in a large neighbourhoods with lot of community engagement activities. Besides that, it reduces the amount of meaningful conversations that kids witness when living with their grandparents. As, with raising income of the families parents these days opt to live independently due to which the number of nuclear families are increasing.
To conclude, although some might believe that improving the standard of living by economic development and advancements is beneficial, I stand by the view that in the long run there would hardly be anyone to teach us ethics and morals when the focus is completely on high standard of living.