Ecological Footprints Consumption, Industrialization and Human Development of Selected Asian Countries

Abstract

Human development and industrialisation have received attention but their explicit connexion has not been discovered passably. Considering this, the current study highlights the relationship between ecological footprint consumption and industrialization with other variables in human development. In this study, we have used panel data from 8 Asian nations from 2011 to 2020. The human development index is used as the dependent variable. However, variables such as ecological footprint consumption, industrialization, financial development, and labor force participation rate are utilized as explanatory variables here. By using the random effect method, the result indicated that ecological footprint consumption, industrialization, and domestic credit to private sectors have significantly enhanced the human development of Asian countries. The study results suggested more earning chances and a stable environment for high growth and development. Moreover, there is a dire need for an improved financial system to increase the human development and welfare of Asian economies.