Abstract
Economic indicators such as per capita GNP have persisted as the principal means of evaluating the development plans as well as the policy achievements of Third World countries. There has been, however, an increasing awareness that these measures are inadequate to assess the negative spillover effects of economic growth and are an inaccurate indicator of the true purpose of national development: enhancing human well-being. This article proposes an alternative measure, which will permit a comprehensive and balanced assessment of the relationship between economic growth and the other principal domains which constitute the quality of life. We analyze the quality of life in Korea (1963-1979) in terms of physical, social, and personal development. Results show that the physical dimension of life in the 1960s and 1970s was greatly enhanced by Korea's well-known economic growth; but during this same period the domains of social and personal development deteriorated. As a result, the overall improvement in the quality of life has been substantially less than inferred by assessments that heretofore have been based on economic indicators alone.
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