Nobel prize-winning economist Amartya Sen said in Dhaka yesterday that economic development will not be sustained without human development that depends on increased social investments such as health and education sectors.
He said India’s much lauded economic development is faltering as it fails to remove disparity between poor and reach. Sen was delivering a speech among thousands of audiences on the occasion of launching a book in Bangla version tilted “An Uncertain Glory: India and its Contradictions” he coauthored with Jean Drèze.
Sen is currently Professor of Economics and Philosophy at Harvard University, and an OPHI advisor, while Drèze is currently an honorary Professor at the Delhi School of Economics, and Visiting Professor at the Department of Economics, Allahabad University.
The function was jointly organised by the Centre for Policy Dialogue and Prothom Alo.
The Nobel laureate said over the past three and four decades, Bangladesh has made remarkable progress in human development indicators such as life expectancy, child immunisation and child mortality. “Bangladesh has pulled ahead of India despite being poorer.”
Sen said now everybody says about the private sector-led growth. “But this thinking has flaws. Look at India that saw huge economic development, led by IT, pharmaceuticals and auto parts, but failed to improve living standard of the poor.”
India’s economic growth makes no sense without recognising that human development depends on how that wealth is used and distributed, he said.
Kerala are held up as good examples of how social investments from the 60s to the 80s have reaped dividends in economic growth.
Comparing to the economic development with China, he said China has made huge social investment in the 70s so that by 1979 and their economy sustained.
In reply to a question, Sen said basic democratic rights have been undermined in the name of perfect democracy. “Don’t think that perfect democracy will come in Bangladesh within a short period of time.”
“But the bottom line is that you should have ensured freedom of speech, and the media can play big role in this regard. I do not believe that you will cry for democracy for attaining liberty.” He stressed the need for dialogue to enable democracy.
“Is democracy reducing disparity between reach and poor?” he posed the question. “It is important to talk with the poor and listen to them for bringing changes in the society.”