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Analysing the Scenario of HDI Convergence across Countries
The human development index convergence across nations during 1990–2018 is examined, using the bootstrapped simultaneous quantile regression approach in a dynamic panel framework and robustly tested via pooled-OLS model. β-convergence, σ-convergence, and dynamic effects across specific nations are found during the period.
The authors would like to thank the anonymous referee and the editor of Economic & Political Weekly for their useful suggestions and observations to enhance the quality of the article substantially.
Economic as well as social development is an inventible tool for measuring the well-being of nations and overall human development (Sen 1980, 1984, 1985, 1987, 1992, 1999). Sen (1980, 1999) and UNDP (1990) pointed out that dispersion in inequality cannot be measured through income factor (gross domestic product [GDP]) alone. The authors opined that “human being’s potential is central to evolution.” Sen proved that economic growth and expansion of goods and services is not an essential tool for achieving holistic human development. Sen argues that this is primarily because “wealth is not what we are pursuing, it is a means to achieve something else” (Sen 1990: 44).
Well-being is a multidimensional concept (Sengupta 2016) that cannot be captured by economic growth alone. McGillivray and Pillarisetti (2004), Decancq et al (2009), and McGillivray and Markova (2010) support the view that economic growth cannot apparently explain the strong differences and inequalities in standards of living, as it does not explain what people can really achieve with these resources. Therefore, it is quite evident that the quality of life and well-being depend on factors other than material resources, including health, nutrition, education, social relations, empowerment, etc.
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