ABSTRACT
It is commonly believed that economic growth ought to be broad-based enough so that even the poorer segments of the population may experience strong improvements in their living standards. The contemporary concept of human development views development as a broader and richer process than mere economic growth and wealth accumulation (see UN 2007). Development means the creation of an environment in which all members of a society can fully take advantage of their potentials, live lives they wish to live, and have more choices. There are numerous instances of countries where rapid growth did not lead to strong improvements in human development. Countries with high per capita incomes can have poor records on human development, while those with low per capita incomes or growth rates can nevertheless do well on this front.
