Human Development Economics

Human Development  EconomicsTheory has roots in ancient philosophy and early economic theory. Aristotle noted that "Wealth is evidently not the good we are seeking, for it is merely useful for something else", and Adam Smith and Karl Marx were concerned with human capabilities. The theory grew in importance in the 1980s with the work of Amartya Sen and his Human Capabilities perspective, which played a role in his receiving the 1998 Nobel Prize in Economics. Notable early active economists who formulated the modern concept of human development theory were Mahbub ul Haq, Üner Kirdar, and Amartya Sen.