There is no profit in economic development, because even if we develop very nicely, as in America and Europe, the problems of life will remain the same.

No Profit in Economic Development

Four problems economic development cannot solve

What is there to be gained from economic development? Has it solved any problem in the world? Has the industrial revolution liberated us from toil and sweat? Has modern technology freed us from the struggle to survive?

Endeavors merely for sense gratification or material happiness through economic development are not to be performed, for they result only in a loss of time and energy with no actual profit. If one's endeavors are directed toward Krishna consciousness, one can surely attain the spiritual platform of self-realization. There is no such benefit from engaging one's self in economic development. (Srimad-Bhagavatam 7.6.4)

Economic development is the aim of the materialistic way of life, and for economic development we do all kinds of mad things, which bind us further to the cycle of repeated birth and death. Prahlada Maharaja instructs us that there is no profit in economic development, because even if we develop very nicely, as in America and Europe, the problems of life will remain the same. Economic development cannot stop birth, death, old age or disease. Without getting free from these four problems, we shall not actually gain anything. Modern civilization is a gorgeous arrangement of skyscrapers, airplanes, automobiles, tape recorders, telephones and toilet paper. But it does not help us to solve the problems of material existence–birth, death, old age and disease. These problems remain today in spite of telephones, airplanes and automobiles. Therefore Prahlada Maharaja says that economic development is actually a waste of time. We should try to develop Krishna consciousness, which alone can stop the horrible repetition of birth and death.

In the Srimad-Bhagavatam it is stated:

Those in the human society who are intelligent should give up the original cause of lamentation, illusion, fear, anger, attachment, povery and unnecessary labor. The original cause of all these is the desire for unnecessary prestige and money. (Srimad-Bhagavatam 7.13.34)

Purport
Here is the difference between Vedic civilization and the modern demonic civilization. Vedic civilization concerned itself with how to achieve self-realization, and for this purpose one was recommended to have a small income to maintain body and soul together. The society was divided into brahmanas, kshatriyas, vaishyas and shudras, and the members of this society would limit their endeavors to meeting their minimum demands. The brahmanas, in particular, would have no material desires. Because the kshatriyas had to rule the people, it was necessary for them to have money and prestige. But the vaishyas were satisfied with agricultural produce and milk from the cow, and if by chance there were excess, trade was allowed. The shudras were also happy, for they would get food and shelter from the three higher classes. In the demonic civilization of the present day, however, there is no question of brahmanas or kshatriyas; there are only so-called workers and a flourishing mercantile class who have no goal in life.

The Vedic institution was concerned only with the liberation of the eternal spirit from temporary matter. The material necessities of life were met with minimal efort by cooperative enterprise through the system of varnashrama-dharma. The brahmanas, who were highly intellectual and self-realized in the science of God consciousness, gave their knowledge generously without any consideration of payment; the kshatriyas, who were martially spirited, protected the social body; the vaishyas produced food, commodities and trade; and the shudras rendered service to the other three classes of men. By cooperating in this way, there was peace and prosperity as well as sufficient time to pursue the goal of human endeavor: going back to home, to Godhead.