Why the Rich Must Get Richer
WHY THE RICH MUST GET RICHER
Nov 10th 2005
Do industrial countries care too much about growth? No, they ought to care more
This is a review (http://economist.com/displaystory.cfm?story_id=5135504) by the Economist of The Moral Consequences of Economic Growth by Benjamin Friedman, a professor of economics at Harvard University.
There is a common conception on both the left and the right, that while economic growth in poor countries is almost certainly morally good, it is either not so clearly morally good, or perhaps even morally bad, in rich countries.
After a certain point, the pursuit of more wealth may be futile and morally enervating, especially if it burdens other people and future generations. There is more to life, liberty and the pursuit of happiness than a faster car and an iPod nano.
...
Mr Friedman argues that conventional thinking about economic growth is too narrow: it neglects its moral and political benefits. "The value of a rising standard of living lies not just in the concrete improvements it brings to how individuals live but in how it shapes the social, political and ultimately the moral character of a people." Growing prosperity, history suggests, makes people more tolerant, more willing to settle disputes peacefully, more inclined to favour democracy. Stagnation and economic decline are associated with intolerance, ethnic strife and dictatorship.
[...remainder snipped...]
So...greed is good, anybody?
- Doctor Thomas
Nov 10th 2005
Do industrial countries care too much about growth? No, they ought to care more
This is a review (http://economist.com/displaystory.cfm?story_id=5135504) by the Economist of The Moral Consequences of Economic Growth by Benjamin Friedman, a professor of economics at Harvard University.
There is a common conception on both the left and the right, that while economic growth in poor countries is almost certainly morally good, it is either not so clearly morally good, or perhaps even morally bad, in rich countries.
After a certain point, the pursuit of more wealth may be futile and morally enervating, especially if it burdens other people and future generations. There is more to life, liberty and the pursuit of happiness than a faster car and an iPod nano.
...
Mr Friedman argues that conventional thinking about economic growth is too narrow: it neglects its moral and political benefits. "The value of a rising standard of living lies not just in the concrete improvements it brings to how individuals live but in how it shapes the social, political and ultimately the moral character of a people." Growing prosperity, history suggests, makes people more tolerant, more willing to settle disputes peacefully, more inclined to favour democracy. Stagnation and economic decline are associated with intolerance, ethnic strife and dictatorship.
[...remainder snipped...]
So...greed is good, anybody?
- Doctor Thomas
posted by Patrick Henry at 3:34 AM
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