Unit 4.8 - Measuring Development
What you need to know and understand:
Key concepts:
Concepts to understand:
- The multidimensional nature of economic development
- Single indicators
- GDP/GNI per person (per capita) at PPP
- Health and education indicators
- Economic/social inequality indicators
- Energy indicators
- Environmental indicators
- Composite indicators
- Human Development Index (HDI)
- Gender Inequality Index (GII)
- Inequality adjusted Human Development Index (IHDI)
- Happy Planet Index
- Strengths and limitations of approaches to measuring economic development
- Possible relationship between economic growth and economic development
Key concepts:
- Scarcity
- Choice
- Efficiency
- Equity
- Economic well-being
- Sustainability
- Change
- Interdependence
- Intervention
Concepts to understand:
- Governments and other economic agents may intervene in an attempt to promote economic well- being and equity in societies.
- The pursuit of sustainability is subject to various constraints.
- Effective strategies should take account of the relevant social, economic, and political context