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The Moral Consequences of Economic Growth

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The Moral Consequences of Economic Growth

Knopf,

15 min read
10 take-aways
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What's inside?

When economic times are good, societies are more moral. And when economic times are bad – everything is bad.

Editorial Rating

8

Qualities

  • Analytical
  • Innovative

Recommendation

Although professor Benjamin M. Friedman teaches economics at Harvard, this book is not mainly about economics; it is mostly about morality. Friedman goes beyond traditional academic boundaries to propose that the moral tone of various Western democratic societies is connected to their economic growth. This impressive effort may introduce you to potential connections you might otherwise have ignored. However, Friedman offers both sides of the picture in this thought-provoking book that offers a great deal of valuable insight into a seldom-considered aspect of economic growth.

Summary

Economic Growth in Social Context

Most discussions of economic growth refer to its strictly material results. Economic growth raises incomes and improves living standards, gives people additional comforts, increases travel opportunities, and drives investment in new ventures and technologies.

Yet the advantages of economic growth are not merely material. A certain strain in the Western intellectual and spiritual heritage devalues concern with material things. Instead, it contrasts material advantages with allegedly superior nonmaterial aspirations. Thus, no matter how impressive economic growth’s material fruits may be, they do not equal high social ideals. But the benefits of economic growth are not merely material. The presence or absence of economic growth correlates with profound changes in the moral character of a society.

Economic growth helps make societies more open, tolerant, fair and democratic. Economic stagnation moves societies in the opposite direction, toward repression and bigotry. Societies make their greatest progress toward political liberty, civil rights and racial equality during times of economic growth. In contrast, society’s vilest...

About the Author

Benjamin M. Friedman is the William Joseph Maier Professor of Political Economy and formerly chairman of the Department of Economics at Harvard University.

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