Opinions are divided on whether additional economic growth in an already wealthy country can reduce the happiness of its citizens. While an increase in the economy can have certain adverse effects on society, I firmly believe that further financial growth can enhance people’s lives.
Admittedly, there are compelling reasons why people believe that a growth in the economy has detrimental effects. First and foremost, the continuous pursuit of wealth can force people into working extra hours, leading to a decrease in overall mental health. When individuals prioritize their careers over personal lives, they tend to spend more hours in the workplace with little time to relax. This can result in stress-related disorders, fatigue, or a breakdown in families’ relationships as people focus more on work than family responsibilities. For example, many employees in developed countries such as Japan often suffer from work-related depression due to excess working hours, leading to a decrease in happiness levels. In addition, rapid economic development in an already wealthy country can further widen the gap between the rich and the poor, consequently leading to the feeling of unfairness and jealousy. This unequal distribution of wealth can make the middle-class feel unsuccessful, significantly reducing their life satisfaction.
However, I am convinced that economic growth provides essential resources that improve the quality of citizen’s living standards. To begin with, extra state revenue allows the government to invest heavily on public services such as healthcare or education. Better funding translates into advanced medical services such as more accurate diagnosis or effective treatment, as well as superior schooling provides students with well-trained teachers and high-quality facilities. For instance, wealthy countries such as Denmark use their economic strength to provide free healthcare, resulting in very high happiness scores. Moreover, financial prosperity drives the constant introduction of modern infrastructures and green spaces, improving overall living standards. For instance, developed countries such as Singapore fund public transit systems with underground metro and effective network of buses as well as an abundance of green spaces in various residential areas, leading to improvement in people’ mental well-being.
In conclusion, although wealth creation can contribute to stress and inequality among individuals, increased economic power brings greater advantages for public happiness through better services and living standards. Hence, governments should focus on investment for infrastructures and public facilities to ensure citizen’s life satisfaction.