ABSTRACT
Aims of the chapter
To critically evaluate economic growth theories from the perspective of the human development and capability approach.
To understand the linkages between economic growth and human flourishing.
Key PointsEconomic growth is only one of several necessary ingredients for promoting human flourishing.
GDP fails to measure human flourishing for two main reasons: (1) income is a poor measure of well-being; and (2) it masks inequity in the distribution of income and material consumption.
In aiming for efficiency and growth, distributional equity, stability and public engagement, post-war economies came close to the objective of human flourishing. In comparison, the policies in the past three decades, which have tended to focus more narrowly on efficiency and growth alone, have been characterized by major inequity, insecurity and environmental damage.
Finding the ‘best’ growth and development path requires trial and error. Many theories and approaches are valuable, but no single approach or model suffices completely.
