Social responsibility should guide economic decisionmaking from "summary" of The affluent society by J.K. Galbraith
The economic decision-making of a society is a crucial aspect that determines its overall well-being and prosperity. In the modern affluent society, it is imperative that this decision-making process is guided by principles of social responsibility. This means that economic decisions should not be made solely based on individual or corporate interests, but rather with the broader impact on society in mind. When economic decisions are made without considering their social consequences, the result is often a widening gap between the affluent and the less fortunate. This can lead to social unrest, inequality, and a breakdown of the social fabric. Therefore, it is essential that economic decision-makers take into account the needs and welfare of all members of society when making choices that will impact the economy. Social responsibility should also guide economic decision-making in terms of environmental sustainability. In the affluent society, the exploitation of natural resources and the degradation of the environment have become pressing issues. Economic decisions that prioritize short-term profits over long-term environmental sustainability are ultimately detrimental to society as a whole. Additionally, economic decisions should be guided by social responsibility in terms of promoting the common good. This means that the interests of the entire society should take precedence over the interests of a few individuals or corporations. When economic decisions are made with the common good in mind, the result is a more equitable and just society where everyone has the opportunity to thrive.- The concept of social responsibility guiding economic decision-making is essential in the affluent society. By prioritizing the well-being of all members of society, considering the environmental impact of decisions, and promoting the common good, economic decision-makers can ensure a more equitable and sustainable future for all.
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