Business Ethics and Corporate Governance, Second Edition

HUMAN DEVELOPMENT INDEX

The concept of human capital and its development are being studied scientifically since the UNDP published the Human Development Report in 1997. The UNDP report defined the human development thus: ‘It is the process of widening people’s choices and the level of well being they achieve are at the core of the notion of human development. Such theories are neither finite nor static. But regardless of the level of development, the three essential choices for people are to lead a long and healthy life, to acquire knowledge and to have access to the resources needed for a decent standard of living.’³ The report further speaks about other choices that many people highly value such as social, political and economic freedoms, opportunities ...