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31 Jul 2018

Two indicators of economic development include Gross Domestic Product (GDP) and the Human Development Index (HDI). What is the difference between these two ways of measuring levels of economic development? Identify an advantage and disadvantage of each.

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Deanna Hettinger
Deanna HettingerLv2
2 Aug 2018

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Related questions

1. Recent news reports blame the slump of the global economy primarily on the fall of the price of petroleum and the unexpected decline of the Chinese economy. China has the second-largest economy but a recent downturn is sending a ripple effect across the world (see: http://www.telegraph.co.uk/news/worldnews/asia/china/12107990/Why-China-threatens-the-world-economy-in-90-seconds.html).

In an increasingly globalized world, where countries are becoming more reliant on each other, what role, if any, should International Bodies such as the World Trade Organization or other governments play in ameliorating a country's economic downturn?

2. While the United Nations encourages economic prosperity, it points that that a flourishing economy should be in and of itself the goal of any particular economy. The Human Development Index (HDI) was created to emphasize that expanding human choices should be the ultimate criteria for assessing development results. (see: http://hdr.undp.org/en/faq-page/human-development-index-hdi#t292n36http://hdr.undp.org/en/faq-page/human-development-index-hdi). The report

The HDI is broken into three criteria: Long and Healthy Life, Knowledge, and a decent standard of living (see: http://hdr.undp.org/en/content/human-development-index-hdi).

Which criteria do you think are most important? Please explain your answer.

Go to the United Nations Human Development report website: http://www.undp.org/content/undp/en/home/librarypage/hdr/2014-human-development-report/

Briefly describe what is the human development index (HDI).

Scroll to the bottom of the webpage and choose three countries from the list of the 2014 Human Development Index.

For each of the three countries selected, find the real GDP per capita of 2013, life expectancy, and education attainment, and briefly describe how those numbers are calculated, or what they stand for.

In your opinion, which country would be best to live in? Explain.

In your opinion, what is a better indicator of standard of living: real GDP per capita, life expectancy, or educational attainment?

When referring to economic indicators we are referring to various forms of measurements that give us an indication of where GDP is headed. GDP (Gross Domestic Product) is the number one measure of economic growth.

The equation for GDP = C + I + G + (X-M), each of these variables have a set of economic indicators that will give us an indication of its direction.

Explain in one to two paragraphs why C (consumption) is the largest contributor to GDP?

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