Navigating Beyond Economic Growth: A Holistic Approach to Development and Equality in Public Policy—Demystifying the Axiom “A Rising Tide Lifts All Boats”

Abstract

A plethora of studies on economic growth, development, and equality exist. However, a debate persists regarding how these concepts interplay, and the strength of impact they have on each other. This research paper explores the conventional tendency of aiming at development mainly by improving economic growth. It unpacks, analyses, and critically evaluates different theories on economic growth, development, and equality, establishing possible relationships among the concepts, and critically assessing the capability of economic growth to solely drive and determine the level of development in a country. This study utilizes a qualitative case study research methodology in analysing Neoliberalism and the Structural Adjustment Programs used as tools for driving economic growth aimed at attaining development in selected African countries. By conducting a rigorous thematic analysis of the literature from reputable studies, this paper reveals that while growth contributes to development, growth does not always equal development. This conclusion was reached by critically examining the effects of emphasis on economic growth as the sole means of accomplishing development, and by exploring essential aspects of human lives crucial in determining development which are eluded in the concept of economic growth. This paper therefore recommends approaches for recalibration towards a holistic development, in addition to economic growth.