Quality of life and economic indicators
An important part of economic development practice is to improve people's quality of life. Business activities create jobs, which create income, which creates wealth, which raises people's quality of life. This in turn attracts more business activities, which in turn create jobs and so on, in an economic development cycle (Quality of Life in Economic Development, 2017). The ability to generate and sustain inclusive wealth and a decent standard of life for all citizens in our globalized world of competing economies, depends on five key elements that interact and influence each other. These are: natural capital, social capital, resource management, intellectual capital and governance efficiency (Global Sustainable Competitiveness Index 2017, 2017).
