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ECS3707 Assignment 3 (895997) Due 17 September 2024 R52,34   Add to cart
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  3. University Of South Africa
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  5. Development Economics

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ECS3707 Assignment 3 (895997) Due 17 September 2024
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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 Comp...

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  • September 12, 2024
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ECS3707

Assignment 3

Semester 2

Unique No: 895997

DUE 17 September 2024

, QUESTION 1


1.1 Key Components and Methodologies of GDP per capita, HDI, and MPI


GDP per Capita: Gross Domestic Product (GDP) per capita is calculated by dividing
the total economic output of a country by its population. This metric primarily
captures economic productivity and average income levels, representing the
economic performance of a nation.
Components:
• Measures national income.
• Reflects economic output and wealth.
• Simple calculation: GDP / population.
Human Development Index (HDI): HDI is a composite index that combines three
dimensions: health, education, and standard of living. It incorporates data on life
expectancy at birth, mean years of schooling, expected years of schooling, and
Gross National Income (GNI) per capita.
Components:
• Health (life expectancy).
• Education (mean and expected years of schooling).
• Standard of living (GNI per capita).
Multidimensional Poverty Index (MPI): MPI assesses poverty through various
deprivations in health, education, and living standards. It uses indicators such as
child mortality, nutrition, years of schooling, and access to basic services (e.g.,
electricity, clean water).
Components:
• Health (nutrition and child mortality).
• Education (years of schooling).
• Living standards (access to basic services).
Comparison:
• Focus: GDP per capita emphasizes economic wealth, whereas HDI and MPI
consider human well-being and capabilities.
• Comprehensiveness: HDI and MPI offer broader insights into development
by integrating social and economic factors.
• Usage: GDP per capita can misrepresent the well-being of populations if
income disparities and non-economic aspects are ignored.

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