Economic development is a very broad indicator but one which has no precise definition: John Sloman says, “Development is a normative concept.
Its definition will depend on the goals that the economist assumes societies want to achieve.”
However most measures of development will include variables such as income per head, literacy rates, infant mortality, healthcare provision, inequality of income and wealth, environmental considerations, the role of women and quite often political freedom.
Measures of economic development include:
• Real per capita GDP. This is a useful starting point but clearly a very inadequate measure of overall development
• Human Development Index (HDI)
• Human Poverty Indices (relative and absolute)
• Various social indicators, example. doctors per head of the population
• Index of Sustainable Economic Welfare (ISEW)
lydiajane74 answered the question on July 4, 2018 at 14:12
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