ABSTRACT

Any assessment of development across societies requires a clear conceptualization of quality of life (QoL). Material prosperity is a key element of a good living standard. Knowledge is a great asset that augments QoL, especially in modern knowledge-driven societies. One may distinguish between two aspects of the knowledge dimension – one is the creation of new knowledge and the other is the dissemination of knowledge through education and other means. Political ambience and governance structure have an important role to play in shaping QoL. The concept of social capital has drawn significant attention among economists and other social scientists. Environmental conditions may have longer term impact on the climate resulting in floods and droughts and other natural disasters reducing QoL. Personal Security is an extremely important dimension of QoL – people should be able to live a fearless life, safe and secure from all risks that may potentially violate their physical integrity.