Abstract
The purpose of this study is to show that human development is an alternative
approach to economic development with reference to the South African situation.
This study highlights the evolution in the thought on economic development. Since
the nineteen fifties different theories have seen the light with the common goal to
increase the level of development in less developed countries. As this study clearly
illustrates, all of these theories have one thing in common: a growth in income
indicates a higher level of development.
The study illustrates that a growth in income can't be the only indicator of
development. Development must reach and influence the inhabitants of a
country. It is seen that there are countries with a high income which can't reach
sufficient levels of human development, while there are countries with a relatively low
level of income and a high level of human development. The alternative to income
growth is thus the human development approach. The human development
approach consists of an index which gives a numerical value to three important
aspects of human life namely life expectancy, literacy and income...
M. Com. (Economics)