Human Development & Economic Growth

Human development plays a pivotal role in the process of economic development. A country's potential to grow is dependent, not only on physical resources, but also on human resources. Human capital formation is both qualitative and quantitative, in the sense that it involves attainment of the skills, education, and experience, as well as enhancing the number of individuals who possess these qualities. The modern concept of development is much more than the increase in income and output. Rather, it is a multi-dimensional process which involves the reorganization and reorientation of the whole economic and social system. It not only involves radical changes in institutional, social, and administrative structures, but also in popular attitudes, customs, and beliefs. Economic development in modern times is understood, inter alia, in terms of reduction of poverty, inequality, and unemployment in a growing economy. Human capital formation, thus, is central to any development strategy. This book contains a comprehensive study on the inter-relationship between human development and economic growth, covering most of the countries of the world, categorized as: developing countries, high income countries, upper middle income countries, lower middle income countries, low income countries, and all countries taken together.