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Human Development Index and Gross Domestic Product - Coursework Example

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The "Human Development Index and Gross Domestic Product" paper discusses economic parameters like HDI (Human Development Index), and GDP (Gross Domestic Product), and makes an assessment of which of two a better indicator of a developing country’s economic development…
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Human Development Index and Gross Domestic Product
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Download file to see previous pages The most recognized growth indicators of a nation have been GDP. Since HDI is a composite statistic gathered from data on life expectancy, education and GDP per capita, which are measured in three separate units, it faces serious criticisms. This project is meant to highlight the criticisms faced by HDI being used as an indicator of economic development against GDP, which has been so far the most widely used indicator of economic development. But it also takes the other aspects like, life expectancy at birth, literacy rates and living standards which are not considered by the growth index.

“Human Development Index is a summary measure of human development. It measures the average achievements in a country in three basic dimensions of human development.” (UNDP-a, n.d. p.2). These dimensions are as follows.

Knowledge, which is “measured by adult literacy rate” (UNDP, n.d. p.2) and “primary, secondary and tertiary gross enrolment ratio” (UNDP, n.d. p.2). The former accounts for two-thirds of the indicators and the latter accounts for the remaining one third.

A country’s performance is taken in each dimension which has a value between 0 and 1. HDI is then calculated as an average of the above indices. It measures a country’s progress in the field of human development.

Gross Domestic Product measures the value of goods and services produced in the economy in a single accounting period by the people living within the geographical boundaries of that country. It is measured according to the standard definition created by the ‘System of National Accounts’ in the year 1993. Since it makes a comparison between countries and across different time intervals it is measured keeping the price levels constant. Then it is converted into USD purchasing power parities (PPPs) so that each country’s GDP can be expressed in a common currency. GDP per capita is measured by dividing the GDP by the country or region’s population. ...Download file to see next pagesRead More
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