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What is Development?
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Development economics
The second variable used to measure HDI is life expectancy
The last HDI factor is education. This is calculated by measuring the mean years of schooling index (MYSI)
Nations are again given a rating between 0 and 1, where nations with an average years of schooling of fifteen receive a rating of 1. Economies where children receive no formal schooling receive a rating of 0
The link between development and growth
By contrast Mozambique has the lowest per capita GNI on the planet according to the same organization - just $ 630 per year
Nations are given a life expectancy index between 0 and 1, with an LEI equal to 1 when Life expectancy at birth is 85 and a rating of 0 when the life expectancy at birth is only 20
GNI or gross national income per capita. Nations are awarded a score between 0 and 1, with 1 being the maximum
Nations will receive a rating of 1 if the GNI per capita is $ 75,000 or 0 if the GNI per capita is $ 100 or less
Where as economic growth is measured by either GDP or GNI, development is measured by the HDI - human development index
Norway currently has a GNI
per capita of $ 103,050 according to the world bank
What is development?
How do we calculate HDI?
This is because development also encompasses improvements in individual freedom, reducing poverty as well as the provision of public services – education, health care and the maintenance of law and order
A nation's HDI is measured by the following three variables
Economic development is not necessarily a measure of the wealth of a nation - although the two are strongly positively correlated
© Mark Johnson,
InThinking www.thinkib.net/Economics