Unit 2 - The UK economy - performance and policies
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A* summary for HDI!
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Unit 2 - The UK economy - performance and policies
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PEARSON (PEARSON)
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Edexcel AS/A level Eco 6th edition Student Book
This note is to enhance your understanding/clear concepts in HDI. For me, I got A* for A-level economics studying in this way Final exam is on your way, get these notes to reduce time and effort!!!
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Unit 2 - The UK economy - performance and policies
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The Human Development Index
MEASURE OF DEVELOPMENT
Economic development is a broader concept than economic growth. More than an
increase in GNI. It is the elevation of an entire society towards a better, more
humane life.
Development means an increase in the standard of living in terms of life
opportunities and material well being.
Development requires the population to have freedoms from poverty, tyranny and
poor economic opportunity. It is about public provision of healthcare and education
and the maintenance of law and order.
Development reflects social and economic progress and requires economic
growth. Growth is a vital and necessary condition for development, but it is not a
sufficient condition as it cannot guarantee development.
The HDI was compiled by Amartya Sen for the UN in response to the criticisms we
have studied as to why GDP does not really give a good indication of living
standards/welfare for different countries.
The HDI was compiled to give us a better indicator of the level of DEVELOPMENT in
a society. Development is NOT the same as Growth
The HDI is a composite measure of development using 3 equally
weighted measures
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