Reference no: EM132587804

According to Feeny et al (2012), the following factors have contributed to the rise in South Korea's GDP in the last decades:

1. human capital

2. physical capital accumulation (Lee et al. 1994)

3. export expansion (Lee et al. 1994)

4. financial liberalisation (Kwack and Lee 2006)

5. country's capacity to quickly adapt to rapidly evolving technology (Kwack and Lee 2006)

6. ability to explore new opportunities (Kwack and Lee 2006)

7. the capacity of entrepreneurs and policy makers to adjust rapidly and flexibly to external shcocks

8. maintenance of relatively equitable income distribution (Harvie and Lee 2003)

Are these factors likely to improve all aspects of human well-being? Why or why not?