Observing a timeline from 1736´s Classical theory and 1848´s Communist/Socialism theory - capitalists, communists, and socialists discuss and disagree about how the economies of the world should be conducted. Sometimes, or depending on where you are, declaring yourself capitalist seems bad and egoist, and declaring yourself socialist seems good and noble. Sometimes - and somewhere - it´s the opposite! Socialists are seen as retrograde and capitalists as good and visionaries. Moral always seems to pervade this discussion, but, does it proceeds? Does the economic rules have moral consequences?
Yes. Economic growth has moral consequences. Economic growth certainly makes a society more open, tolerant, and democratic. In other words, such societies are in turn, better able to encourage enterprise and creativity and hence to achieve ever greater economic prosperity. A bigger consequences of economic growth is rising standard of living. This is as a result of society’s moral ethic. When people decide how much to save, check house prices before buying, considering changing career for greener pastures, or whether to get more education, they normally respond not just to personal economic incentives narrowly construed but to maintain moral values and social presumptions.
Yes. Economic growth has moral consequences. Economic growth certainly makes a society more open, tolerant, and democratic. In other words, such societies are in turn, better able to encourage enterprise and creativity and hence to achieve ever greater economic prosperity. A bigger consequences of economic growth is rising standard of living. This is as a result of society’s moral ethic. When people decide how much to save, check house prices before buying, considering changing career for greener pastures, or whether to get more education, they normally respond not just to personal economic incentives narrowly construed but to maintain moral values and social presumptions.
Economic growth has consequences. These consequences may differ in different economies depending on the circumstances.
I should have continued and gone into more depth. The question about moral consequences maybe more about ethics, which according to Robert Dewey who was my ethics professor in college, is about principles or rules. We were forced to see if these could be generalized (e.g., Immanuel Kant's Category Imperative). Until then, I had not realized how challenging it is to find unequivocal ethical principles.
Morals are are more about behavior. A moral individual is more about behaving in a way consistent with an ethical principle. For example, an individual might know it is unethical to cheat on income tax filings; a moral individual would not do it.
In this context, I do not see how we could content that economic growth is categorically unethical. However, this is not intended to imply that the consequences are always positive. The challenges we face with the consequences economic growth can be strongly negative in certain circumstances, especially if sustainability is compromised.
I am eager to read other answers!
Rob
Yes economic growth has consequences depending on the reforms of that country, growth is required to all during that journey definitely there are few consequence that had to be faced
Hello,
It seems that moral values and economic rules are wrong bedfellows. Evidently, they pursue different goals. While moral values are about universally agreed codes of conduct, economics involves rules triggering an aggressive competition for gathering wealth even if moral values are totally ignored. Therefore, as things stand right now, the kind of ideology has little if no considerable influences on the relationship between moral values and economics. By its very nature, economics follows ruthless mechanisms for accruing wealth and has a driving force that cannot be contained or interpreted based on moral values.
Best regards,
R. Biria
General economic growth is based on the increase of productive forces and prudent forms of distributive justice; it is impossible to disconnect human economic action from ethical standards, which are accessible by reason alone. After the collapse of communism, we could witness that the transition to the capitalist economy is bound to strong institutionalized rules of human action, e.g. the level of honesty in a country decides about its economic destiny. And, there are many other cultural indicators for a well functioning capitalist system.
The question to ask about the moral aspect of economic growth is whether the growth has led to the enhancement or increase in the well being of the populace. it does not matter the economic system adopted.
Yes, the economic rules have moral consequences. Capitalism is natural and old, as selfishness of a common man. Communism and socialism tried to cure, but could not succeed. As selfishness made it worse.
Socialism gives all the powers (including economical powers) into political leaders. The economy is more centralized, and it provides less rights in hands of common person.
I Do, and for more clarification please visit the below links
https://www.penguinrandomhouse.com/books/56526/the-moral-consequences-of-economic-growth-by-benjamin-m-friedman/9781400095711/
http://blog.acton.org/archives/89390-the-moral-consequences-of-economic-growth.html
https://www.imf.org/en/News/Articles/2015/09/28/04/54/tr060208
Dear Scientists,
Thank you all for the interesting insights.
As soon as I have more answers, I´ll try to compile and show some numbers about this question. I believe that would be good to have about 100 answers to compile and extract some conclusions. I know that it will demand some time. But, we have no hurry to do science and contribute to knowledge, since it must be done with conscience and quality.
Best regards.
I do not belong to the field of economics. From my observation and common sense, I feel that everybody is ready to be impartial to follow laws except in the points related to his/her/their benefit.
It is equally true in international economics. No question of morality play any role here. Whatever may be the way, capitalism, communism, socialism ..., whatever may be the name of the country is - USA, CHINA...,the action is same.
Do you agree with this observation?
Dear Dr Shibabrata,
I totally agree that everybody is ready to follow laws and rules impartialy and the problem occurs when it relates to their own benefits.
Well pointed.
Thank you
Economic growth always has moral consequences; For example, although rules and laws are followed appropriate to capitalist societies, the impact of economic and social change, has different value in culture, moral and ethical values, both for the capitalists at all costs and for those who are victims of said capitalism
Dear Scientists,
While I work on my research projects, I share some parts with specialists to have some support and critics. I believe that it makes better the quality of my work.
Thank you to have participated actively in the discussions I proposed. Your vision is a very good contribution to me. The best way to make me a better scientist.
All the best for all of you.
AH
This will be a very relevant question especially looking at the Asian miracles. Discover more in the 50years rapid and consistent growth of South Korea, Taiwan, Singapore. The desire to develop drove many of these nations to act morally, boosting savings and cooperating during the Asian Financial Crisis. Foreign Aid wouldn't have meant much without their consistent desire (morals) to get to a developed level as a nation.
I think that any social, political and economic development is based on morality. Without morality, long-term objectives can't be achieved. As morality binds the hearts and integrates the interest one individual to another.
Even technological applications should also have moral visions to save the society and nature.
Morality is a thread of integration.
Good economies stirs up hard work among workers who believe their toil will be handsomely rewarded economically. On the other hand, bad economies promote laziness and lackadaisical attitudes to work among the working class.
Yes it is bounded to have moral consequences ...... the growth should be productive and should balance the GDP growth appropriately with proper policies by the Government...
Dear Drs. Ranjan, Adom, and Rao,
Thanks for sharing your valuable point of views.
AH.
Thank you very much for the kind insights, fellow scientists.
All the best for all of you.
Prof. A. Hess
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