I disagree with the statement that money can purchase felicity. Harmonizing to old studies, human existences will prefer to utilize less attempt in looking for money. They alternatively give such clip to more of import issues like wellness and household life. I support this statement because you can non look for money when you are ill or you do non hold peace at place. This is because efficiency reduces when faced with such jobs.
Harmonizing to Easterlin R.A. ( 2004 ) , felicity is low when self-reported wellness is poorer. Negative impact of hapless wellness to felicity is partially due to loss of income but chiefly it is caused by bound to one ‘s usual activities. This is a clear index that people are more concerned about wellness than money.
Furthermore, close relationships built in matrimonies help to hike felicity and loss of 1s spouse taking to disintegration of relationships that have a negative consequence on felicity.
Harmonizing to Adam Smith ‘s theory of moral sentiments, people limit their ability to accomplish felicity when they dwell on geting material wealth.
The find by economic experts that money ca n’t purchase felicity is a justification for high revenue enhancements and more authorities disbursement. Harmonizing to Lee.D.R ( 2005 ) , chase of money is habit-forming and reduces the clip available for friends, household and other activities that result in echt felicity.
In add-on, human felicity comes merely from avoiding dependance on others. This is brought about by endeavoring for betterments and accomplishment obtained by get the better ofing the challenges faced.
In decision, we can non merely wholly challenge the fact that money does non convey felicity. Money does convey happiness particularly with an addition in the degree of income ( which is a mark of accomplishment ) although the felicity brought by money is impermanent.
It is really of import for people to look for money because it increases their buying power.Money besides enables one to be able to make what he so wishes, for case, investing. Money can be obtained by gaining as an income, borrowing and from nest eggs.
All these three methods of geting money have an chance cost ( defined as the value of bygone chance ) .For case the chance cost of gaining income is loss of clip for other activities like diversion. Money held as nest egg has the foregone chance of loss of net income for income generating activities in which the money could hold been invested. Finally, the foregone chance of adoption is the high involvement rates although such borrowed money can be invested in more income bring forthing activities in future. Therefore everyone strives to acquire money by whatever agencies sing the chance cost. The agencies of geting money whose chance cost is low is the best method chosen.
Fringy public-service corporation of money is the excess satisfaction derived from an excess unit of money spent. Fringy public-service corporation of money is ne’er changeless because an excess unit of money given to a hapless individual will add much to his satisfaction than if the same coin was given to a rich individual. This means that poorer people continue endeavoring to obtain more money as compared to the rich because by making so, their fringy public-service corporation additions. It hence makes sense for people to prosecute money particularly when an addition in their money sums will increase their public-service corporation.
Production is the transition of natural stuffs into more useable signifier. Money can non be considered as a factor of production but all the other factors are straight dependent on money. For case without money rewards can non be paid, capital can non be acquired and besides the best entrepreneurial accomplishments can non be used in production. Therefore people should go on prosecuting money because it can be invested in the production procedure and generate great returns in future.
Standard of life is described by both an addition in per capita income and an addition in the public assistance of people. It is true that families demand money for dealing intents which enables them to purchase what they need thereby fulfilling their demands. Satisfaction of demands can non be used as a step of the criterion of life of families because demands may be satisfied but when the life conditions ( illustrations instruction, wellness attention and entree to societal comfortss ) continue to be hapless, so the criterion of life continues to be hapless. Therefore mean income can non be used as a good step of the criterion of life of a state. Harmonizing to the Killen Roos ecochart web site, Standard of life can be measured utilizing the undermentioned standards:
Per Capita income-This is obtained by spliting the entire GNP by the entire figure of families. It shows the sum of income that is available for each family. This contributes to a nice life because people are able to obtain what they need. A higher per capita income will therefore bespeak a high criterion of life because persons will be able to fulfill their demands because of the high income.
Daily per capita caloric supply as a per centum of requirements-This steps whether people have enough to eat. It indicates the extent to which an person takes in adequate Calories to be healthy. When people take in adequate Calories, they are healthy and their criterion of life is increased.
The human development index-this was devised by the United Nations in the 1990s and gives a world-wide position of how good people are populating. It has several constituents foremost, the life anticipation, the instruction degrees including registration rates and grownup literacy rates. It hence means that states sing high a life anticipation that is high have high life standards.In add-on high grownup literacy rates and school registration rates is an indicant of high criterions of life.
Social wellness index -This describes the societal well being of a state by utilizing indexs. These indexs include first child poorness, wellness attention coverage and high school completion. This is a step that is common in the US for measuring the public assistance of the different provinces. It hence means that a province with low poorness degrees, good health care coverage and high school completion is regarded as holding high life criterions.
Infant mortality rates-This is the figure of new Borns who die before one twelvemonth in every 1000 kids born. A state with high criterions of life has a low mortality rate due to the good wellness attention.
The measuring of the criterions of life therefore takes into history several standards. This means that one index is non sufficient to be used for measuring of public assistance. It is hence of import to integrate all the above steps when measuring people ‘s public assistance.
In decision, apart from holding adequate money to purchase demands, human existences besides require to fulfill their societal demands in order to see themselves as holding high criterions of life.