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What is the difference between economic growth and development?
Economic growth: Measured purely by real GDP and the productive potential of a country
Economic development: The sustainable increase in living standards for a country, typically characterised by life span, education, and income
What are the 3 dimensions of the Human Development Index (HDI)? How are they measured?
Health - measured by life expectancy at birth
Education - measured by average years of schooling of adults aged 25+ and expected years of schooling for current 5 year olds
Income - measured by real GNI per capita, adjusted by purchasing power parity
Each three indicators are given equal weighting and a mean is taken to give a value between 0 and 1 - the higher the number, the greater the level of development
Advantages of using HDI to compare levels of development between countries
Takes into account three key factors which are important for a country’s development (education, health, income)
Relatively easy to calculate and it is widely used all over the world
Provides a goal for governments to use when setting policies (e.g. they can identify that education levels are holding back development and target that)
Limitations of using HDI to compare levels of development between countries
Data may be inaccurate depending on country (e.g. hidden economy and poor data collection)
Does not consider income inequalities (Gini coefficient)
Also does not consider things like freedom from corruption and environmental sustainability
Only an indicator and not a precise measure, so not perfect
Alternative indicators of development
Inequality adjusted Human Development Index (IHDI)
Includes inequality on top of education, heath, and income - broader than HDI
Multi-dimensional Poverty Index (MPI)
Measures the percentage of population that is multidimensional poor
Uses data from heath, education, and standard of living, and a broader range of indicators
The Genuine Progress Indicator
Calculated from 26 different indicators group into three main categories of economic, environmental and social