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Working Paper 39 - Human Capital and Economic Development


Health and education are both components of human capital and contributors to human welfare. One index of human welfare, which incorporates income, education and health, shows that Africa’s level of ‘human development’ is the lowest of any region in the world. In this paper we will frequently compare Africa with South Asia. While Africa’s level of human development is lower than that of South Asia, its per capita income is higher. Africa’s poor economic performance has been most marked in its growth rate which has been half that of South Asia.

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