| It is not mostly possible to explain the economic phenomenon of the modern world with the four main production factors, labor, capital, enterprise, and natural resources, taking place in classical economic theory (Karagul and Masca, 2005). Industrial societies cannot be based on physical capital accumulation only, rather other factors are also needed at the same time. In the new internal growth theories, every kind of physical, non-physical, political, organizational, environmental, intellectual, cultural, human, scientific, technological, and social elements, which directly or indirectly contribute to economic development and growth are accepted as capital (Berber, 2004). This approach showed itself in the studies of poverty like Thorbecke (2008), Cohen (2009), Ravallion (2010), Ravallion (2011), Alkire and Seth (2013), Bijaya et al.(2015) and UNDP (2016). In 1950s, welfare and happiness of people in economic meaning was measured by the rate of Gross Domestic Product (GDP) growth, because according to this view, if there is growth in a country, the income created in turn reached to the poor people as well. In the 1960s, national income per capita was used as the main welfare indicator. While, in the 1970s, meeting human main needs was accepted as the most important element of the welfare. In the 1980s, income per capita as well as non-monetary factors were also used in the measurement of human welfare (Sumner, 2004). The 1990s saw further development of the poverty concept. The idea of well-being came to act as a metaphor for absence of poverty, with concomitant emphasis on how poor people themselves view their situation. At the … |
Prof. Dr. Mustafa KAN
Cennet Oğuz
Prof. Dr. Arzu BERBER
