The subject of this paper is the project of rethinking and redefining “development” since disenchantment has set in with the view that development is an expansion in material prosperity. This project is termed “Ethical development”. It is argued that we are looking for a concept that involves improvements in the quality of human lives subject to the demands of social justice and freedom. Sen's capability approach, the basic needs approach and the UNDP's conception of human development fall short of providing an adequate foundation for a new paradigm of development. Nussbaum's version of the capability approach is stronger than Sen's but fails to provide the basis for a consensual view of development. The most promising approach is one that takes its lead from J. Griffin' s recent account of well-being.