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 an...
ECS3707 ASSIGNMENT 3
(CORRECT ANSWERS)
SEMESTER 2 2024 (896897)
th
DUE 17 SEPTEMBER 2024
GUARANTEED DISTINCTION.
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)
When assessing development progress, it's essential to examine the strengths and weaknesses of
different metrics, including Gross Domestic Product (GDP) per capita, the Human Development Index
(HDI), and the Multidimensional Poverty Index (MPI). Each of these measures offers unique insights into
economic and social conditions, allowing for a more nuanced understanding of development. However,
they also have limitations that need to be considered.
1.1 Comparison of GDP per Capita, HDI, and MPI
1. GDP per Capita:
- Key Components: GDP per capita is calculated by dividing a country’s total economic output (GDP) by
its population. It reflects the average economic productivity per person.
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