Nowadays, countries tend to improve their living standard by developing economically. However, it can lead to losing important social values. Economic development is certainly beneficial for any country, yet the question is, if advantages outweigh the drawbacks. To start with, I think if using it wisely, there will be no issue considering social vallues.
Firstly, economic development brings plenty of benefits to every nation. For example, countries with well-developed economic system have a large budget to invest in science and medicine. Not only does it provides a country a leading position in terms of technological development, but it improves the quality of medicine significantly. Besides that, there is also an opportunity to put money into constructing a better infrastructure, which would make people’s lives more convenient.
On the other hand, there are a lot of complains about the high taxation in many countries. The reason behind this, is that in some countries society simply does not know where their money go. There are no visibe improvments, therefore it brings a significant distrust about the tax system. However, Denmark is a real-life prove that it can be avoided. The country is known for it’s high prices and taxes, although it has one of the highest satisfaction rate in the world. Denmark applies progressive taxation, yet has a successful economy.
Another one drawback, is that economic development requaires a lot of work and in some cases it can lead to overworking and mental burnouts. Nontheless, it can be avoided by planning the country economy wisely, considering every possible problem.
To conclude, economic development is the key factor to improving living standard. I believe there should be no problems in view of social values, if everithing was well-planned in the first place.