Business, Legal & Accounting Glossary
The Human Development Index was developed by Mahbub ul Haq, a Pakistani economist, and Sir Richard Jolly in 1990. Gustav Ranis of Yale University and Lord Meghnad Desai of London School of Economics also provided their expertise for the development of Human Development Index. It is used to measure human development and takes into account factors like life expectancy, educational attainment, literacy, and standard of living. United Nations Development Program (UNDP) publishes the Human Development Index in their annual human development reports.
Human development provides greater options to individuals to avail education, health care, employment and income. Ranking of countries on the basis of the Human Development Index indicates whether a nation is developed, developing or underdeveloped. The Human Poverty Index is often used as an alternative measure for determining the extent of poverty in a country.
Human Development Index has often been thought of as a redundant measure. It is not suitable to be used for inter-temporal comparisons. Interpreting the Human Development Index is also difficult since it depends on factors like life expectancy and GDP per capita of that particular year.
Human Poverty Index is an indicator of the standard of living in a country. It was developed by the United Nations. It acts as a measurement of the extent to which people are not receiving benefits of development.
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This glossary post was last updated: 2nd April, 2020 | 6 Views.