Economic_Growth

1. Contents 2. Introduction 3. Local economic growth and wealth 3.1. Local economic growth 3.2. The path to prosperity 4. Happiness 4.1. Physical pleasure 4.2. Contentment triggered by the feeling of self-sufficiency 4.3. Comfort induced by the feeling of having access to innumerable resources 5. The general public’s opinion regarding wealth 5.1. Chasing after money 5.2. Does wealth equal happiness' 6. Conclusion 7. References 1. Introduction There is presently much controversy regarding the relationship between economic growth, wealth, and happiness, as people become more and more focused on seeing the money as one of the most effective means of achieving pleasure. Through history, the masses have grown accustomed to associating material wealth with the feeling of comfort. In order to gain a better understanding of happiness, people have to accept that the concept is not necessarily equivalent to pleasure. Wealth and economic growth are two of the main elements fueling happiness in the contemporary society and most individuals have reached a level where they cannot possibly distinguish between the two. Considering the circumstances, it is only safe to assume that happiness in present-day communities is interdependent to economic growth and to wealth in particular. 2. Local economic growth and wealth 2.1. Local economic growth With the process of globalization having experienced great progress in the recent years, practically everyone has expressed their need to reform their customs in order for them to be able to adapt and to keep up with the rest of the world. The UK, as an example, has redirected its focus regarding the country’s economy toward encouraging some of its most successful businesses to continue producing domestic manufactured goods. At the same time, the country’s leaders have put across their intention of disapproving enterprises recognized for generating products that are cheaper to produce in other areas from around the globe. Globalization has basically influenced people in acknowledging that they have to concentrate on making what they know best and what is known to be cost-effective (Bromley, Clarke, Hinchliffe & Taylor, 31). By considering economic growth to be one of their key goals, most societies direct their resources toward achieving this respective target. Leaders are well aware of the fact that the common citizen wants to have access to a series of possibilities and that the masses are most frequently limited by their financial situation when they want to acquire a something that they consider to be particularly important for them. In order for the nation to favor leaders, the latter have to act in accordance with the former’s needs, this most often meaning that people have to be able to thrive financially. Although there are several other desires that the public normally expresses, economic stability (and wealth as a final mission) is what most people want and what they consider essential in improving their condition. In spite of the fact that the effects of economic growth are apparently appreciated by people from around the world, the course of action itself seems to be generally detested, as the masses “dislike the process of economic growth and development, whether it be in the dominant current form of trade and globalization or by some other auspices, but like the outcome of greater output of goods and service, that is, of a higher standard of living” (Dipietro, 2009). 3.1. The path to prosperity Although trade and globalization are primarily responsible for the fact that society as a whole has experienced notable economic growth in the recent years, people have problems being pleased about these two elements. This is mostly because individuals know that by accepting them they become actively engaged in a reform process that involves moving of resources, disregarding some of their cultural values, and a universal social change that is likely to affect mostly everything about the way they live. Although people are presented with the opportunity to come in control of more possessions by making fewer efforts than they made in the previous years, they consider that the methods they employ in achieving these things are likely to affect them across their lives. The media contributes to this by broadcasting misinformation meant to trick people into accepting change without protesting (Dipietro, 2009). 4. Happiness in the context of economics 4.1. Physical pleasure attained by spending money People are often mistaking happiness to be the same thing as physical pleasure. However, in doing so, they virtually ignore the fact that the concepts are different and that one can have one without having the other. Surely, one can easily come in possession of a series of elements triggering physical pleasure as a result of investing finances into it. People do not necessarily have to be pleased when eating or drinking a particular food or drink that they like. One can be unpleased in regard to certain circumstances when consuming a substance that makes him or her happy, meaning that pleasure is not necessarily related to happiness pleasure. Pleasure is virtually a result of being in a position that makes an individual happy (eating something, driving a nice car, or being with an enjoyable person). Happiness is the road to achieve pleasure and the happier a person comes across, the more likely it is for the respective person to be pleased eventually (Oliver, 2001). "While at any point in time people with higher income are on average happier than people with less income, over the life cycle, higher income does not seem to lead to greater happiness" (Dipietro, 2009). 4.2. Contentment triggered by the feeling of self-sufficiency There are normally a series of factors known to induce happiness in people. While most might be inclined to believe that happiness is the main influencing factor when concerning happiness, people can also be happy as a result of being in possession of particular cultural values and because they enjoy several advantages that make their lives easier. All things considered, almost everyone will want to be self-sufficient at a certain moment in their lives, given that this makes them develop their belief that they are able to provide for themselves and that they do not depend on other individuals (Bromley, Clarke, Hinchliffe & Taylor, 48). Income is consequently not the most important matter in life when concerning happiness. Even when one is satisfied with the money he or she makes, the fear of making less money in the future might not make the respective person happy. 4.3. Comfort induced by the feeling of having access to innumerable resources Although people are aware that wealth and economic growth are not necessarily what they should aspire to in life, most cannot break away from tradition and dedicate their lives to improving their financial situation as a means to reach a level where they have almost everything that they need. Some people’s determination to achieve this position has no limits, as they are willing to do almost anything in their power in order to become wealthy (Bromley, Clarke, Hinchliffe & Taylor, 48). 5. The general public’s opinion regarding wealth 5.1. Chasing after money In their struggle to achieve economic growth, individuals employ an indifferent position in regard to what goes on around them, as their main focus is getting more money. Once gotten actively involved in upgrading his or her social status, one is likely to remain caught in the system for most of his or her life. Most people fail to understand that the surrounding environment makes it virtually impossible for them to try and deny their role, as they have to get engaged in being dynamic members sooner or later. While change was once a terrible thing, people today feel less connected to a particular location or to a certain characteristic and they almost lose their identity in the struggle to get their hands on more finances. People are surely irritated as a result of the fact that they have to change many things about themselves in order to improve their living standards. However, the final product of this process produces great happiness, given that individuals finally get what they wanted and what they made great sacrifices for. “In sum, we don't like what we have to do to get there, but we sure like it when we get there” (Dipietro, 2009). 5.2. Does wealth equal happiness' It is surely difficult to determine whether or not money equals happiness, as most are likely to consider that they became happy as a result of getting money, regardless of the problems they came across in trying to get wealthy. Society is practically based on finances, thus making people unable to function properly without money, considering that almost everything that they do requires capital. 6. Conclusion One would have to be ignorant to claim that wealth and economic growth do not have a very influential role on society in general. From the moment when they learn more about the structure of society, people come to consider that they have to experience economic growth if they want to guarantee a good social status for themselves and for those that they care about. Throughout time, individuals and countries as a whole have expressed they determination to achieve economic growth and to consider wealth as one of the most prized goals that they have to accomplish. Word Count: