Development for the people by the people

The business ethics which we find in firms, implemented by managers and facilitated by formal economic institutions is socially embedded in the general perception of what economic development stands for. A country where monetary rewards get allocated to those who produce increasing market shares of their firms, and where social reputation is linked to conspicuous consumption as for example the US (or China?) follows another development path than, let's say the Netherland in the 16th century where prudency in management, modesty in consumption and long-term wealth accumulation led to the "Embarrassment of Riches" (Schama, 1987). This paper is to examine the concept of development and happiness for a better social and economic progress.