Renowned economist Angus Deaton is well-known for his research on consumption, inequality, and poverty. He stresses that although economic growth is important, there are other factors to take into account when creating a prosperous society. Consider a verdant garden where plants are flourishing because of the plentiful water and sunlight; this flourishing ecosystem is a reflection of how economic growth promotes wealth and development in an economy.
But according to Deaton, some populations may fall behind in economic advancement, just as some plants may be overshadowed by others and deprived of necessary resources. Good social services are similar to a gardener who gives each plant the attention it needs to thrive. This includes support networks for people who aren't benefiting from economic growth, such as healthcare, education, and others.
Deaton's viewpoint emphasizes how crucial it is to establish a society in which wealth is not only increasing but also distributed fairly. Even a thriving economy can seem hollow to those who are struggling if this balance isn't maintained. According to his perspective, communities and policymakers should consider the wider distribution of prosperity rather than just GDP figures.
Essentially, social services serve as the gardener, making sure each plant gets its fair share of sunlight and water, while economic growth acts as the rain that nourishes a garden. For all parties concerned, this all-encompassing strategy contributes to the creation of a more sustainable and inclusive society.