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Development (Process of change in economic life of people) - Coggle…
Development (Process of change in economic life of people)
Measurement
United Nations Development Program
Considers income as well as education and health standards
Qualitative approach
Human Development Index(Life expectancy, literacy rate, infant mortality rate.
Best method of measuring development as it studies overall development
World Bank
Quantitative approach
Measures per capita income
Only considers income for development
Not the best method for measuring income as it hides income disparities and ovelooks overall development
Dimensions
Economic growth
Economic development
Indicators
Per capita income
Economic welfare
Social factors
Quality of life
Human development index
National Income