In my first article on February 24, 2023, I discussed shifting the development strategy focus from economic growth to human development. I said that industrialization was the strategy to achieve economic growth. Know more:
IN my first article on February 24, 2023, I discussed shifting the development strategy focus from economic growth to human development. I said that industrialization was the strategy to achieve economic growth. Under the economic growth approach, countries are more concerned with monitoring their income . The approach emphasizes improving the economy where people live.
The fundamental concepts in the human development scheme are people, opportunities, and choices. The main goals of human development are to make people’s lives better, provide them more freedom and chances to live the lives they value, and help them develop their skills and put them to use. The fundamental elements of human development are health , education , and income .
The extant literature suggests that improvement in human development raises the capacities of the individuals in terms of creativity and productivity, thus contributing to economic growth. The capacities of the individuals are in terms of human capital, which has five main elements: health, work experience, schooling, adult education, and migration .
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