Abstract
In this article we analyze the new economic paradigm - the concept of human economic development as put forward by the authors of the United Nations Development Program (UNDP), and show its superiority to the economic growth theory from the perspective of its influence on human development. We point to the fact that the link between economic growth and human development is not as definite as previously considered, and at low levels of human Development index (HDI) it is virtually absent. An example of the latter phenomenon is Russia, who ranks 65-th in economic development among 135 countries listed in the Human Development Report of the UNDP in 2010, and whose GDP is, at the same, 6-th largest in the world.
Keywords
social justice, economic efficiency, life expectancy at birth, average level of education, GDP per capita, multidimensional poverty, gender inequality, human rights and opportunities
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