Economic Development Versus Economic Nourishment – A False Argument

Many have argued that while economic development is important, economic nourishment is even more important, but I do not see it as one or the other. Why you ask? Well it’s simple really, because capitalism, which provides economic development also provides for the needs and desires of those who participate or are surrounding the participants. You see it is an either/or question, it is not a contest and you can have both.

Recently, a mindful college student type wrote: “This is a key essential in my mind for not only economic development but for economic nourishment.”

Sure, you want to have both and both you shall have if capitalism is practiced unabated and with a free-market regulatory mindset. Those who think they can mettle with capitalism and promote their social causes upon it will get neither the value derived from capitalism nor the promise of socialism (assuming history has ever produced a civilization where socialism did make good long-term on those promises).

Whereas, the college student is correct that this is important for the individual’s mind, self satisfaction and social interaction; indeed, free markets, which build economic development, are developed quite the opposite. Thus, it is time for a book reading assignment namely; Ayn Rand, Milton Friedman, Ludwig von Mises, and Adam Smith?

Why you ask, because, the greatest economic development generally has come from a profit motivation, taking into consideration the human characteristics of voting with their dollars for what is best for themselves. Perhaps, a more recent debate of this comes from a Harvard Economics Professor, Benjamin M. Friedman in a book he wrote in 2005;“The Moral Consequences of Economic Growth”.

The final question is “How does one define economic nourishment” because, perhaps this is an issue of terms or definitions rather than philosophy or historical reality of which systems provide for the most people? Freedom of choice, prosperity for the individual comes from free market thinking, who could ask for more economic nourishment than that?