Introduction
The conventional wisdom that economic growth is the primary objective of government policy has come under increasing scrutiny as the fruits of growth have been distributed ever more unequally within and between nations. Rising inequality undermines social cohesion, erodes democratic institutions, and can itself become a drag on sustainable economic development. This essay argues that governments should indeed prioritise reducing inequality over promoting raw economic growth, because a more equitable distribution of resources is both a moral imperative and a prerequisite for long-term prosperity.
Extreme inequality undermines social cohesion and political stability, which are preconditions for sustainable development
Explain
When the gap between the richest and poorest citizens grows too wide, trust in institutions erodes, social unrest increases, and the democratic process is distorted by the concentration of economic power. Societies riven by inequality are more prone to populism, polarisation, and even violence, all of which impose severe economic costs that can negate the benefits of growth.
Example
The Arab Spring uprisings of 2011, which swept across Tunisia, Egypt, Libya, and Syria, were driven in large part by wid…
Introduction
While inequality is a legitimate concern, the proposition that governments should prioritise its reduction over economic growth presents a false and potentially dangerous trade-off. Economic growth expands the total pool of resources available to society, lifting living standards, funding public services, and creating the very wealth that makes redistribution possible. This essay contends that governments should continue to prioritise economic growth, while implementing complementary policies to ensure that its benefits are widely shared, rather than sacrificing growth in pursuit of equality.
Economic growth is the most effective means of reducing absolute poverty and raising living standards for all
Explain
While inequality measures the relative gap between rich and poor, what matters most for the welfare of the poorest is their absolute standard of living. Economic growth expands the total resource base, creates jobs, raises wages, and generates the tax revenue needed to fund social programmes. Without growth, redistribution becomes a zero-sum game that cannot sustainably improve living standards.
Example
China's rapid economic growth since the market reforms of 1978 lifted over 800 million people out of extreme poverty, th…
Consider the view that economic growth should always be the priority for developing countries.
2024How far is increased prosperity for all a realistic goal in your society?
2013'The gap between the rich and the poor can never be bridged.' Discuss.
2013'Capitalism has failed the majority.' How far do you agree?
2018'Technological unemployment is the greatest economic challenge of our time.' Discuss.
2023