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6 Cards in this Set
- Front
- Back
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Human Development Index
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Index measuring socioeconomic development based on combining measures of health, education and adjusted real income per capita
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New HDI (NHDI)
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A modified version of the original HDI that addresses some of its criticisms
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Changes in NHDI
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- GNI replaces GDP in income
- Education index includes actual vs expected education attainment - Literacy & enrollment have been dropped from the education index - Lower goalpost for income has been reduced for developing countries - Uses natural logarithm (In) instead of common logarithm (log) - NHDI is compued with a geometric mean |
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NHDI equation
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H^1/3, E^1/3, I^1/3
One third of the Health Education and Income of a country |
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Development Economics
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Deals with development process in low income countries.
Focuses on promoting economic growth, development and structural change |
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Traditional Economics
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Deals with capitalism and industrialization as well as scarce resource allocation in developed countries.
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