Well-being and Growth in Advanced Economies: The Need to Prioritise Human Development
Well-being and Growth in Advanced Economies: The Need to Prioritise Human Development
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Economic growth is seen as a solution to all problems, but it can lead to a decline in well-being if it is prioritized over fundamental human development. This book argues that governments should prioritize 'fundamental human development' to ensure people's satisfaction with their lives and resistance to adverse shocks, which can shape the pattern of economic growth.
Format: Paperback / softback
Length: 114 pages
Publication date: 29 January 2024
Publisher: Taylor & Francis Ltd
Economic growth is often seen as a cure-all for various issues, including those brought about by the COVID-19 pandemic. However, this raises a crucial question: can further growth in advanced economies enhance well-being once people's basic needs are met? Some advanced market economies, such as the United States, have experienced a decline in well-being, both subjectively and objectively measured, despite experiencing economic growth during the same period.
This book offers a unique and comprehensive explanation: economic growth, driven by market forces, encourages individuals to seek control over more material resources, weakening their ability to generate capabilities on their own. This puts well-being at risk of deterioration. The book argues, supported by a wealth of evidence, that the challenge can be overcome if governments and individuals prioritize "fundamental human development on an evolutionary basis." This entails developing the capacity of a typical person to conceive and share new purposes, pursue them individually or collectively, and contribute to building human culture.
If such human development is prioritized, it leads to individuals being satisfied with their lives and resilient to adverse shocks. It can even shape the pattern of economic growth. On the other hand, prioritizing economic growth tends to weaken and impoverish fundamental human development, resulting in reduced well-being and social cohesion.
This volume provides readers with an answer to an urgent and long-term problem, affecting individuals and societies alike. It makes a substantial contribution to the literature on well-being, offering valuable insights and solutions.
Weight: 230g
Dimension: 216 x 138 (mm)
ISBN-13: 9781032149073
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