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ECS3707 Assignment 3 (COMPLETE ANSWERS) Semester 2 2024 (895997) - DUE 17 September 2024
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ECS3707 Assignment 3 (ANSWERS) Semester 2 2024 (895997) Due 17 September 2024
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ECS3707 Assignment 3 (COMPLETE ANSWERS) Semester 2 2024 (895997) - DUE 17 September 2024 ; 100% TRUSTED Complete, trusted solutions and explanations.
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ECS3707 Assignment 3 (895997) Due 17 September 2024
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,ECS3707 Assignment 3 (COMPLETE ANSWERS)Semester 2 2024 (895997) - DUE 17 September
2024 ; 100% TRUSTED Complete, trusted solutions
and explanations.
QUESTION 1 [40 MARKS] Critically assess the merits of using
economic metrics such as Gross Domestic Product (GDP) per
capita versus broader multidimensional measures like the
Human Development Index (HDI) or Multidimensional Poverty
Index (MPI) for understanding development progress. 1.1
Compare and contrast the key components and methodologies
of GDP per capita, HDI, and MPI. What aspects of development
does each aim to capture? (15) 1.2 Evaluate the strengths and
limitations of GDP per capita as a measure of development
based on Amartya Sen's capability framework. How well does it
reflect people's substantive freedoms and capabilities? (15) 1.3
Analyse how the HDI and MPI incorporate the capability
approach compared to GDP per capita. Do they provide a more
comprehensive picture of development? Explain why or why
not. (10)
Question 1.1: Comparing GDP per capita, HDI, and MPI
1. GDP per capita
Definition: GDP per capita measures the total economic
output of a country divided by its population. It captures
the average income of individuals within the economy.
Key components:
, o Production value: Represents the total goods and
services produced within a country.
o Income per person: Reflects average economic
wealth but does not account for income inequality.
o Methodology: Calculated by dividing the Gross
Domestic Product (GDP) by the total population.
Aspects captured: GDP per capita aims to measure
economic output and the general standard of living in
terms of material wealth.
2. Human Development Index (HDI)
Definition: HDI is a composite measure of development
that encompasses both economic and social dimensions.
Key components:
o Life expectancy: Captures health and longevity.
o Education level: Measured by the average years of
schooling and expected years of schooling.
o Income: Adjusted per capita income (GDP per capita
at PPP).
o Methodology: HDI combines normalized indices of
health, education, and income to provide a broader
view of development.
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