In recent times, economic growth has helped many become richer, both in developed and
developing countries. However, those in developed countries are not as happy as they were in the
past. Why is this? What can be learned from this?
Over the several past decades, there has been a significant shift in the economic condition of many countries, both developed and developing, with financial growth. While people in both given economies have become more well-off due to this development, it is argued those living in developed nations are not as satisfied as they used to be. I believe that this dissatisfaction is mainly driven by the never-ending human trait of always desiring more, which shows us that financial wealth may not be what makes people happy after all.
The main reasons for higher happiness levels shown by people in developing countries with economic improvement can be that the actual living conditions of these people have improved significantly. While market development only meant higher incomes for individuals in developed nations, this development generally led to many people going out of poverty and joining the middle class. For instance, China has undergone many positive changes in its economy after experiencing market-oriented reforms, with many people being lifted out of poverty and achieving better living standards, ultimately showing a higher level of happiness. Meanwhile, those living in developed countries might have already had a good lifestyle without any big financial problems and, as a result, become just richer through overall financial prosperity. As a common human trait, instead of being happier, most people experienced a desire to further increase their wealth, resulting in dissatisfaction with one’s current condition. Take Japan, for instance, a country that has been improving economically for many years but reportedly has locals stating an increased level of unhappiness, which can be mainly from a demanding work culture and excessive focus on personal wealth.
What can be learned from this phenomenon is that after having their basic needs met and achieving standard living conditions, more money does not necessarily make individuals happier; on the other hand, it leads them to want more. This goes to show that improving the economy should be the main focus of developing nations, a population of which still generally struggles with making ends meet. Meanwhile, countries that already have a comparatively better economy, such as the USA and UK, might want to shift their focus from becoming richer with a wealthier population to other sectors, such as improving education, healthcare, and better working conditions for their people to be happier. As for individuals, after reaching a certain level of wealth, they should be encouraged to stop their pursuit of becoming richer, as their life satisfaction may not always align with their wealth levels.
In conclusion, while economic growth has improved the living conditions of people by helping them become richer in emergent nations, already developed ones have not benefited from this trend in terms of a higher satisfaction of the population. This shows that after achieving a point where a person has financial freedom, further wealth does not usually have a positive impact on their overall satisfaction, oftentimes even making them unhappy.
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