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ECS3707 Assignment 3 (COMPLETE ANSWERS) Semester 2 2024 (895997) - DUE 17 September 2024
ECS3707 Assignment 3 (COMPLETE 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.
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)
To address this question effectively, you should critically assess
and compare economic metrics such as Gross Domestic Product
(GDP) per capita with broader multidimensional measures like
the Human Development Index (HDI) and the Multidimensional
Poverty Index (MPI). Here’s a structured approach to tackling
each part:
1.1 Comparison of Key Components and Methodologies
, GDP per Capita:
Components: GDP per capita is calculated by dividing a
country's Gross Domestic Product by its population. GDP
itself is the total value of goods and services produced
within a country in a given period.
Methodology: It is a unidimensional measure that
captures economic output. The formula is:
GDP per capita=GDPPopulation\text{GDP per capita} = \
frac{\text{GDP}}{\text{Population}}GDP per capita=Populati
onGDP
Aspects Captured: It primarily captures economic activity
and output per person, giving an average income level but
does not account for distribution or quality of life.
Human Development Index (HDI):
Components: The HDI combines indicators of health (life
expectancy at birth), education (mean years of schooling
and expected years of schooling), and standard of living
(Gross National Income per capita).
Methodology: It is a composite index calculated by
normalizing each component (on a scale of 0 to 1) and
taking the geometric mean of these normalized scores.
Aspects Captured: The HDI aims to measure a broader
sense of human development by incorporating health,
education, and income. It provides a more comprehensive
view of well-being beyond just economic output.
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