economics test 2 pt2

What does HDI measure

it measures the average achievement in key dimensions of human development: a long and healthy life being knowledgeable and having a decent standard of living

How is HDI measured

measured by using a composite score between 0 and 1

Strengths of HDI

• More comprehensive than GDP

• Includes social factors

• Allows for comparisons between countries

Weakness of HDI

• Does not account for inequality within countries

• Does not measure other aspects of well being (e.g environmental sustainability)

what does OECD measures

measures a wide range of economic, social, and environmental factors to assess a country's overall performance and well-being, including GDP, unemployment, health, education, housing, and inequality.

OECD strengths

Its main strength is the multidimensional view it provides

OECD weakness

its weakness lies in the complexity and the averaging of data that can obscure crucial details about specific populations within a country.