Economic Indicators and Development Theories

These flashcards cover key economic indicators, development theories, and concepts from the lecture notes.

Gross Domestic Product (GDP)

The total monetary value of all goods and services produced in a country in a year.

GDP per capita

GDP divided by the population, indicating average economic output per person.

Gini Coefficient

A measure of income inequality within a population, ranging from 0 (perfect equality) to 1 (maximum inequality).

Human Development Index (HDI)

A composite index measuring average achievement in three basic aspects of human development: health, education, and income.

Happy Planet Index

An index that measures sustainable well-being by examining life expectancy, happiness, and ecological footprint.

Social Progress Indicators

Measures of how well a society meets the basic needs, foundations, and opportunities for its people.

Human Poverty Index (HPI)

An index measuring severe deprivation in basic human needs, combining indicators of health, education, and standard of living.

Corruption Perceptions Index (CPI)

An index that ranks countries based on perceived levels of public sector corruption.

Environmental Performance Index (EPI)

A measure that ranks countries based on their environmental health and ecosystem vitality.

Sustainable Society Index (SSI)

An indicator measuring the sustainability of societies across various dimensions.

Modernization Theory

A theory suggesting that societies progress through specific stages of development, typically starting from traditional to mass consumption.

Dependency Theory

A theory arguing that the Global South is economically exploited by the Global North, limiting its development.

Neoliberalism

An economic approach advocating free markets, reduced government spending, and deregulation as a means to achieve growth.

Capability Approach

A development theory emphasizing what individuals can do and be, focusing on real opportunities rather than just economic measures.

Sustainable Development Goals (SDGs)

Global goals set by the UN to achieve a better and more sustainable future for all, despite criticisms of their effectiveness.

Regenerative Development

An approach to development that aims to restore and enhance the health of ecosystems rather than just sustaining them.