Question

* What is the importance of the pursuit and accumulation of wealth in the modern world?

* What are some criticisms and concerns as they have been expressed over time and whether any of them bear relevance today?

Answer 1

1.

Pursuit and accumulation of wealth is important in a way that it starts the entrepreneurial activities or production activities that creates jobs for others, making economy to expand and grow. So, the person taking risk and creating productive activities, creates wealth, and while doing so, creates opportunity for the others as well to earn and grow. It makes a realization of the principle of invisible hands. So, the pursuit of wealth creation is important, that makes a push for the resource utilization and help economy to grow. Besides, investment in R&D and innovation takes place that brings new products, making this world much better than before. Hence, it is said that pursuit and accumulation of wealth is important.

2.

There are different criticisms and concerns over time. One criticism is that it increases inequality of income and resource allocation among people. It is also true in recent times, though policies are made to prevent the exploitation of these people. The second criticism is that it creates more benefits to the shareholders, while neglecting the environment and communities. The third criticism is that it makes exploitation of resources, negative externality and market failure in the economy.

These issues and concerns are still relevant, but these issues are deal with the government regulations. Above issues are dealt with the proper regulations such as Clayton act for fair and free market behavior, Sarbanes act for transparent accounting practices and other laws.