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Social Implications of Wealth Creation

Social Implications of Wealth Creation

The Social Implications of Wealth Creation

    At the base of almost every ethical system in the world is the idea that the pursuit and worship of unrighteous mammon is unfulfilling, and there is much truth to this.  While idolizing material wealth is likely to be a path to spiritual and moral poverty, it is important to remember some of the reasons why people get rich in a market economy as well as some of the implications of their efforts.

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    1.  You get wealthy by producing value. Generally, there are two roads to wealth.  You can make something and trade it to people who want it, or you can use force to take things that don’t belong to you.  For most of history, the most socially acceptable–or easiest–way to get rich was simply to take things from other people; indeed, in ancient China and at the height of the Roman Empire, “commerce” was looked down upon.  If you made all your money as a government administrator, through military conquest, or by extracting tribute, you were admired.  Suffice it to say, though, that simply “taking stuff” doesn’t actually produce anything.  Over the last five hundred years or so, the legal institutions that encourage trade and commerce have developed.  The histories of the European economies in which modern market economies developed is by no means spotless: soeme of the crimes committed by colonial powers in Africa and Latin America rank among history’s greatest attrocities.  One thing, however, that the process of global integration and the spread of the market economy did was spread the means to prosperity all over the world.  The planet can today support far more peopel than it could formerly, and the potential exists for everyone to be rich.

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    2.  Other people get rich if you get rich by producing, and they can get rich if you save. Your restraint produces capital and new technology for others, who can use the funds you don’t consume to produce new goods and new technologies.  Moreover, if you are a successful entrepreneur your ideas and innovations geneate benefits for everyone–ironically, the bulk of the benefit is likely to accrue to people other than you.

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    3.  “Giving Something Back” might be misleading. Bill Gates became the richest man in the world by producing an operating system and software package that made us all much, much, much more productive.  The great irony, as some (including leading development expert William Easterly) have pointed out, is that Gates’s attempts to save the world through his charitable endeavors may prove to be a drop in the international bucket when compared to the contributions to human well-being that he has made through Microsoft.  Should we scorn Gates, then?  Absolutely not–it’s his money to dispose of as he wishes.  However, if we really want to help those around us, we would all do well to take a good, hard look at what we do well and think about whether this is a more productive use of our time and resources than some of our charitable endeavors.

    Perhaps unexpectedly, it is unnecessary to mean to do well for others in order to actually do well for others, and one of the lessons of economics is that the unintended consequences of well-intentioned actions and endeavors might actually produce more harm than good.  Production makes us better off, and even allegedly “selfish” endeavors might do more for the world than our charitable activities.

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    Art Carden

    Art Carden is an Assistant Professor of Economics and Business at Rhodes College in Memphis, Tennessee.

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    Last Updated on June 1, 2020

    10 Reasons Why Following Your Passion Is More Important Than Money

    10 Reasons Why Following Your Passion Is More Important Than Money

    Elite Daily have got some great points as to why you should chase down your dream job, regardless of how much the wage is. If you’re feeling unfulfilled in your career, maybe it’s because you’re on a path that doesn’t connect with your passion? Maybe it’s time to steer right off that road and take a different route:

    Money is a very powerful thing, it builds empires and breaks down kingdoms, it allows for dreams to come true and it takes others away, it makes some people happy and others completely miserable. Today the pursuit of money is almost directly linked to the pursuit of happiness, many will argue that money = happiness.

    However, this is inherently problematic as this mindset leads many people to stray down a path that doesn’t best suit them. When people choose their careers, they are sometimes blinded by money and so choose to follow the paper trail. Although money is great and can buy us all the things that will temporarily make us happy, no amount of money can buy time. Time is our most valuable asset and it is something, that while on this earth, we should spend most wisely. You shouldn’t feel like you’re mindlessly wasting your life away

    This generation is particularly in trouble because jobs are scarce and many of us will be stuck doing jobs we hate just because we need money. Although this may be the right move for our careers now, this shouldn’t be something we do for the rest of our lives. it is best we search for something we are passionate about. Here are the 10 reasons why you should follow your passion and not the money.

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    1. Working for money may seem like good enough motivation for one to keep at their career.

    Every morning Monday through Friday you go to work 9 to 5 sitting their punching away the hours stressing about the work at hand. This is not a way to enjoy your life. Working for 8 hours a day 5 times a week at something that makes you miserable is not the way you live life to the fullest.

    Many people who choose careers that don’t make them happy will tell you that they would all do it differently if they had the chance. You only have one life, so don’t waste it working somewhere you hate just because of the money.

    2. You’re more passionate about the work you are doing.

    There is nothing worse than having to wake up every morning during the week to mindlessly go do work you don’t even care about. However, this is never really an issue when you are passionate about the work you do. If you are not forced to work somewhere because of monetary constraint, you truly enjoy what you do and you never really work a day in your life.

    3. You can relate more to the work and come up with better ideas.

    Being forced to do work is one of the most draining experiences. While there are times at every job where you may feel the work may be draining and dull, you have to realize that not every day is going to be an enjoyable one. There are highs and lows, but when you are passionate about the work you you look past the dull days. Your creative process is also different. You are more inclined to come up with creative ideas when you like what you do.

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    4. Work doesn’t feel like it’s forced upon you.

    When you value money over your overall health and your passion, you will find yourself in an endless cycle of misery. Work no longer becomes a career or a journey, but more of a  taxing nuisance on your mind and body that has to get done.

    Every day that you go to work with this mindset you begin to hate your job more and more. While many people feel that they must work hard to retire and have money to enjoy themselves, what’s the point of enjoying yourself in your later years when you spent your life being miserable?

    5. No matter how much money you make, nothing will help you overcome the feeling of doing something you hate.

    Many accountants come into corporate America, put in reckless hours during the week and make a great paycheck on pay day. Many of them have all this money piled up, but they never really get to enjoy the fruits of their labor because their labor takes up most of their lives.

    Many of them hate their jobs because they aren’t really passionate about what they do. Is there a worse feeling than doing something you hate? Eventually this hatred will cause stress and in the long run, it will have lasting effects on your health.

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    6. You are more inclined to work later hours.

    When you work somewhere that you are passionate about, putting in later hours isn’t as much of a burden as it is when you don’t like what you are doing. To you, putting in the extra hours doesn’t hurt as much because you don’t feel like you are forced to do it, which makes the experience that much more enjoyable.

    Every industry has a busy season and without a doubt there will come a time when you will need to put in the extra hours. Will it be easier for you to work longer on something you can relate to or something you can’t stand doing?

    7.You are willing to go above and beyond the call of duty.

    Certain obligations at your work will require you to go above and beyond the call of duty. In certain times during the busy seasons, you may be asked to do certain tasks that are not part of your everyday schedule. It is much easier for you to put in the extra work if it’s something you actually care about. Because you are passionate about your job, you will be willing to put in the extra effort to go beyond what is required of you.

    8. No obstacle will stop you from achieving success.

    When you really enjoy what you do, nothing will stop you from getting your work done. Because you are passionate about what you do, you feel unstoppable and nothing can obstruct you from achieving greatness. Your passion ignites your work, and like a rocket, it accelerates you past road blocks that may come about. Any obstacle that comes your way is accepted and fought off with a creative solution.

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    9. Our working careers will consume most of our lives, so we might as well do something we enjoy.

    You will spend a majority of your life working and there is no other way around this fact unless you are born into a wealthy family or marry rich. For the rest of us who weren’t fortunate enough, we will be spending a good portion of our lives working in order to make ends meet.

    There is no way around this, so we might as well accept the cards we are dealt. Many people go about this the wrong way because they feel like work is something they have to do rather then something they can enjoy. Once you realize that your career should be something you enjoy, then you will lead a more happy and fulfilling life.

    10. You will get more fulfillment when you finally make it.

    There are few feelings better than achieving a level of success you set out for yourself. Nothing like crossing off your bucket list of goals you set out for yourself to achieve. When you finally reach the pinnacle, it is that much more enjoyable knowing you got there doing something you love. Remember work doesn’t have to be something that you hate doing, stay true to yourself and always do what makes you happy.

    The 10 Reasons You Should Follow Your Passion And Not The Money | Elite Daily

    Featured photo credit: Randalyn Hill via unsplash.com

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