Introduction
Morality is defined as a person’s convictions and values about the importance of the application of norms that are of good conduct. It is a significant factor in a person’s behavior and hence in the economic outcomes. Moral dimensions are important in considering economic growth since they enhance equitability and fairness in relation to the current economic behavior. On the other hand, economic failure is usually associated with a huge range of organizational, governmental, and institutional failures and other dimensions. In developing countries, politicians are corrupt, law enforcement is ineffective, public goods are not provided in the right way, and immorality is widespread in private and public organizations. Therefore, countries that fail in one dimension also fail in other areas of collective behavior. Dourado (2019) argued that there are ways to increase economic growth without violating human rights, which include “Get rid of inefficient giveaways to particular industries. Scrap steel tariffs. Eliminate the farm bill. Repeal the Jones Act.” Morality is the most powerful instrument for promoting and enhancing the economic performance of countries across the globe. Nevertheless, there are various moral dimensions that are a result of considering economic growth, which includes maintaining opportunities, nurturing tolerance, strengthening democratic organizations, and promoting generosity.
Main body
An increase in the standards of living as well as the per capita income results in an upgrade in the most common dimensions of life. Individuals who have a higher standard of living do not suffer from diseases as compared to others. Very few of them die as a result of malnourishment or even infancy. Before an economy attains a better standard of living, there is a lot of immorality that happens in it that pulls it down. Even if a country is well developed and has a lot of immorality, a better economy will not lead to an improvement in the basic measures of life. For instance, authors argued that “Croatia has a lower per capita income compared to the United,” (Stilwell, 2012). However, the people in these countries have the same standards of living. This is a result of high immorality rates in the United States that are affecting the economic performance of that country.
There is a notion that people must progress to experience a better life. Actually, the main idea behind this notion is that a better life might cause public attitudes and institutions to develop in various ways that cultivate morality in society. Such a perception was a product of the outstanding efflorescence in the 18th century, referred to as Enlightenment (Dourado, 2019). This perspective from the enlightenment thinkers was one of the major signs of progress that was observed, explained, and celebrated. It is still observed in schools and institutions that offer education on the importance of morality. Their major point was that the aim of expanding knowledge is responsible for all dimensions of human progress. This is an idea that has remained dominant in the western region, which has led to their economic progress. However, their definitive concern was the character of their community in the widest terms as well as their concept of progress, which was economic arrangements. Dourado (2019) argued enlightenment has the main viewpoint that states that all human progress, political progress, moral and intellectual are inseparable from material progression. The theory that these people began led from scientific transformation to economic change and, therefore, to moral change.
History has proven that various nonmaterial dimensions of progress become an effect of broadly scattered economic growth (Stilwell, 2012). One of the major nonmaterial aspects of progress is the establishment of opportunity. A significant characteristic of any community is if the opportunity to make progress is limited to the sons and daughters of the people that have occupied the highest position or if there is equal opportunity for everyone who is willing to take advantage of it. One of the main aspects that offer equal opportunity to every individual is higher education, which offers a perfect way in which a society is given a lot of opportunities. There is also an existing relationship between tolerance and economic growth. Tolerance is associated with a lot of dimensions, such as religion, ethnicity, and racism. Society is bound to make economic progress if it has religious and ethnic progress that is against racism and discrimination.
Generosity and kindness are the other dimensions that lead to economic growth, mostly for the less fortunate. This is important mostly when people are incapable of taking advantage of the chances given to them. Some of these individuals do not have the knowledge, ability, or energy to move to better ranks in society. Some people will work under opportunities that have nothing to do with their abilities, but because of certain situations, they do not have control over them. Others will actually have the best opportunities but will suffer misfortunes caused by a bad economy. As a result of all these reasons, not every person will have the best opportunities as per their abilities, and hence, providing opportunities is not the solution.
Building and strengthening democratic institutions is the other dimension that should be considered to promote economic growth. This can be done by bolstering institutions in countries that are well-developed or by creating new and better institutions in countries that are developing. Economic growth and other dimensions that support progress always give rise to the things that promote political and social change. The aspect that states that the material standards of living are improving by the day is one of the main conditions that ensure economic progress. On the contrary, when society goes through a period of stagnation, a retreat occurs (Dourado, 2019). This is in terms of economic growth and the standards of living, dimensions such as lenience, fairness, generosity, and opportunities that cause consequences to the people.
Conclusion
In conclusion, the relationship between the increasing standards of living and economic growth that comes with moral dimensions holds an important impact on society as a whole. It affects how people approach the policy of stimulating economic growth. This relationship also has critical impacts on the burden that will be embedded in the education system and the opportunities that come with it. In the world today, the education system has a responsibility to contribute to the economic growth that is the beginning of better living standards for a lot of people. And in the education system, every person is taught the advantages that the moral dimensions have on the economic performance of a country. This system is not only a drive for bringing change that results in economic growth but also a foundation of economic progress itself. The education system has been one of the greatest moral dimensions that are considered in economic growth since it maintains opportunities, strengthens fairness, and fosters tolerance.
References
Dourado E. (2019). What does economic growth demand?. Cato Unbound, 28.
Stilwell, F. (2012). Oh, the morality: Why ethics matters in economics. The Conversation, 23.