Economic growth should be balanced with social welfare from "summary" of The affluent society by J.K. Galbraith
The prevailing economic wisdom, which places great emphasis on continuous growth of the national income, often neglects an important aspect of societal well-being - the welfare of the people. There is a pervasive belief that economic growth automatically leads to an improvement in the overall quality of life. However, this assumption fails to take into account the distribution of this wealth among the members of society. In the pursuit of economic growth, the focus is primarily on increasing production, consumption, and investment. This relentless drive for more, however, does not necessarily translate into a better standard of living for all individuals. While the economy may be expanding, there is no guarantee that this growth will benefit the underprivileged or address social inequalities. It is essential to recognize that economic growth and social wel...
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