Economic growth in recent years made some people in both developed countries and developing countries richer

Economic growth in recent years made some people in both developed countries and developing countries richer

Economic growth in recent years made some people in both developed countries and developing countries richer. However, research shows that while people in developing countries are happier, people in developed countries seem not happier than before. Why does this happen? What can we learn from it? (Actual test 17/6/2021)

Economic growth in recent years made some people in both developed countries and developing countries richer. 

Essay 1:

The developments in economics in recent years have had a great impact on some developed and developing countries by making them richer. However, a lot of money does not mean a lot of happiness since researchers have proven that people from developed countries do not seem to be happier compared to those from developing countries. Several reasons for this trend will be discussed in the essay below, followed by lessons.

To start with, there are some factors that are believed to be responsible for this situation. One of the main reasons for the context is that the need to expand the fortunes of people from developed countries is higher than that of those in developing ones. To specify, the number of high-income households is larger in developed countries, so some might always compare themselves with others and feel what they have achieved is not enough while those from developing countries are more satisfied with their lives. Another major reason for the affair could be explained by the fact that some issues in developing countries, such as limited access to clean water and sufficient food sources, can be solved with a surging economy. In the interim, in affluent countries, where the needs have been fully met, economic growth even leads to sedentary lifestyles, unhealthy diets, or overwork of employees.

Two meaningful lessons can be drawn from the above. To begin, financial stability is indeed crucial to ensuring a baseline of well-being, especially for citizens of emerging economies. Due to the fact that individuals who are financially insecure have to work hard to support themselves and hence cannot live happily, authorities should focus on increasing job opportunities. The second lesson is that in order to satisfy the most fundamental needs, economic development and sustainability must coexist. In other words, achieving the overall goal of happiness requires that work-life balance, environmentally friendly businesses, and financial equality all receive the attention they truly deserve.

In conclusion, the essay has demonstrated the root causes leading to why people from developed countries are not happier like those from developing countries, and a few lessons have been withdrawn. Therefore, it is predicted that the situation can be reversed in the future.

TR: 6 CC: 6 LR: 7 GR: 7 =>Overall: 6.5

Essay 2:

The economy’s development has brought prosperity to many nations, resulting in increased happiness in underdeveloped countries, in contrast to developed ones. This essay is going to present some key factors influencing such trends before summarizing numerous valuable lessons.

The varying impacts of the economic process on established and emerging countries on their citizens’ well-being can be attributed to a few reasons. One of the primary nationales is that citizens from low-income nations may have used to live below the poverty line and had limited access to basic necessities; therefore, they tend to have a more intense and constant desire to improve their living conditions and a greater appreciation for small things. As a result, when they become wealthier and are provided with better living standards, they experience a sense of fulfillment and satisfaction that may not be easily attained by those in developed countries who may take their comforts for granted. Another compelling justification is that residents from affluent nations may already have a decent quality of life; therefore, when attaining more affluence, they are likely to compare themselves with even wealthier individuals. This would become a catalyst for stress, anxiety and even depression, adversely affecting their / people residing in high – income nations overall well-being as they are never content with what they have achieved.

Owing to aforementioned explanations, various life insights could be drawn. To begin with, it is of paramount importance that individuals cultivate an appreciation for and find contentment with their current circumstances. Specifically, happiness is dependent on one’s mindset, which includes the possession of positive thoughts and the gratitude for everything in life. Additionally, residents should avoid comparing themselves to others because there would always be someone who appears to be better off. Instead, it is advisable to focus on personal growth and self-improvement by comparing oneself to their past self

In summary, the essay has demonstrated some reasonable grounds leading to different effects of economic development on developing and developed areas. It is predicted that an increasing number of individuals will be pleased with their life

TR: 7; CC: 7; LR: 7; GR: 7 → Overall: 7

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