Human wellbeing is widely viewed as a multidimensional phenomenon, in which income is only one facet. Human development, originally defined as a process of enlarging people’s choices, namely, enjoying a healthy life, acquiring knowledge and achieving a decent standard of living, provides a multidimensional measure of wellbeing.
These achievements provide individuals with freedom to choose and the opportunity to lead their own lives. Thus, human development can be depicted as positive freedom by which individuals are granted access to resources, including property, that allow them to develop their personal potential.
In order to provide a synthetic measure of human development, its different dimensions are expressed in index form… [Read more…]