In this article we will discuss about how to measure economic development in India. GNP as a Measure of Development: It is now important to explain how economists measure development. Prior to 1970, economic development was generally meant to be sustained increase in the productive capacity of a country over a period and was interpreted in the same sense as [...]
In this article we will discuss about:- 1. Introduction to Human Development Index 2. Indicators of Human Development Index 3. Shortcomings and Critique. Introduction to Human Development Index (HDI): Growth in national income (GNP) or per capita income considered above as indicator of economic growth does not represent a true and adequate measure of welfare and economic development of the [...]
Despite shortcomings of per capita income as a measure of development, the World Bank, International Monetary Fund (IMF) and other international agencies consider developed and developing countries in terms of Gross National Income (GNI) per capita. The World Bank classifies different countries of the world on the basis GNI per capita representing their development status. The figures of GNI per [...]