Values are vital principles or characteristics in development that describe how a group or person interprets life. According to Grabowski, Self, and Shields (2003), a society or country could not sustain positive economic development without solid values, which are parts of economic development. A lack of values in the development of a country can promote poor governance in terms of economic growth. Poor good governance creates mismanagement of resources, increasing significant poverty and encouraging violence in a country. The values dictate the manipulation of how individuals behave in society. Values are required for good governance in economic development in political, social and international relationships. Some developing countries have difficulty moving forward because the settings do not correlate with the values that encourage people in power to follow legitimatized legal frameworks for economic development, which can promote positive economic growth in their countries. Thus, values create or enhance economic growth, improving living standards and fostering the well-being of all populations within a society or country.

Core development values have primary components, such as freedom, sustenance and self-esteem. If a country does not have these core development values, moving in the right direction would be a problem. Todaro and Smith (2015) thoroughly explained the effectiveness of the values that some developed countries do not have, leading to higher poverty than their peers in the international arena. These core development values are incorporated into the legal systems in the United States. All individuals, such as society, entities and other bureaucrats, observe them. It is more interesting for every country to give enough freedom, a system in which a person can choose and exercise creativity in the country. Core development values have led to more opportunities by promoting innovative products and services that stimulate economic growth, increasing consumption and investment.

In the Christian faith, they engage in economic development based on several principles and teachings that safeguard the believers in their actions and attitudes toward economic activities. Some core rationales in economic development within the Christian context often include stewardship, love for neighbors, community building, justice, and compassion. Christians apply these rationales to spread the Gospel of God to people and help educate them with skills to reduce poverty. Love for your neighbors is one of the central teachings of Christianity in the Bible, which describes that you love your neighbors as yourself. Also, engaging in economic development can promote well-being and support others by providing opportunities to improve their lives and communities. Matthew 5: 13- 16 says, “You are the salt and light of the world. Neither do people light a lamp and put it under a bowl. Let your light shine before others.” The Christians believe that God ultimately owns all things, and they are stewards entrusted by God to help educate and support poor people.

In addition to Todaro and Smith (2015), the other core values in economic development include cultural preservation, ecological sustainability, empowerment, and participation. Since most core values in economic development are always based on activities relevant to the behaviors and characteristics of communities, cultural preservation requires acknowledging and preserving cultural uniqueness and heritage within the context of economic development. Economic development should respect, protect and promote diverse identities and traditions of communities. Also, environmental responsibility should be part and parcel of economic development progress. It is essential to prioritize environmental sustainability for the local communities as eco-friendly practice in considering the long-term impact on the planet. Empowerment and participation are also valuable in encouraging active involvement and empowerment of local communities in the development process to achieve and ensure their voices are always resonated, and their needs are addressed.

In conclusion, some countries have poor institutions and organizations, leading to weak economic development. Social, political and technology are just confined to the area of less importance because of political interest that does not benefit all aspects of the regions. Additionally, when a country lacks core values in economic development, it should lead to social disorders where the population remains uninformed about how the system works at the national level. If education, health and good directive governance pertain to the population’s economic well-being are allocated equally for the well-immune citizens, economic development’s core values are considered well distributed equally in a country. Similarly, they can present meaningful positive characteristics and behaviors that would promote economic growth and reduce poverty across a country. Thus, the values in economic development improve local communities through innovative products and services that can drive economic growth, improve living standards, and foster overall well-being.

References

Grabowski, R., Self, S. and Shields, M. P. (2003). Economic development: A regional, institutional, and historical approach. M.E. Sharpe Incorporate.

https://ebookcentral.proquest.com/lib/cochristuniv-ebooks/reader.action?docID=302426.

Todaro, M. P. and Smith, S. C. (2015). Economic development (12^th ed.). Published by Addison-Wesley Longman, Inc.

Holy Bible: New international version. NIV. (2011). Zondervan. (Originally published 1973).