This study resource looks at the meaning of economic development and the range of measures that might be used to measure development progress.
Economic development is a broad rather than a narrow concept and means a (hopefully sustained) improvement in the quality of life and living standards show through measures of literacy, life-expectancy and health care outcomes.
Economic development is fundamentally about people development over time. As of 2020, nearly 9 per cent of the world’s population still live on an income below $1.90 per day (PPP).
Amartya Sen’s Capabilities Approach recognises development as a process of expanding an individual’s freedom
What is the Human Development Index ?
HDI is a broad composite measure of improvements in people’s lives
HDI is calculated through a geometric mean of GDP per capita, life expectancy at birth, and the average between mean years of schooling and expected years of schooling. Each component of the HDI has an equal 33% weighting
What are the components of the Human Development Index?
How else can we measure development progress?
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