Fletcher in the News

Are Wealth and Prosperity Synonymous? Dean Chakravorti Weighs In

Bhaskar Chakravorti is a Senior Associate Dean at The Fletcher School of Law and Diplomacy, Tufts University.

What is it besides the money in people's pockets that makes a society prosperous?

Many people argue there are ingredients other than hard cash to consider - such as personal freedom and good governance.

The International Energy Agency recently predicted the US could become self-sufficient in energy within a couple of decades - a move that should make any nation more prosperous.

Bhaskar Chakravorti, at The Fletcher School Tufts University in Boston in the US, notes that despite the economic growth, satisfaction is down in China in the annual Legatum Growth Index.

"Why does very fast GDP [gross domestic product] growth occur at the cost of inclusive growth?" he asks, stating that inclusive growth includes access to financial services, education and public health.

"My hypothesis is that when an economy grows very fast over a short period of time, as China, India and Brazil have done, it happens at the cost of inclusive growth because there has to be certain portions of society which experience a spike while others are left behind," he says.

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