indicators of economic development how do we measure it?
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INDICATORS OF ECONOMIC DEVELOPMENT
How do we measure it?
INDICATORS OF ECONOMIC DEVELOPMENT
Post-IndustrialAgricultural Industrial
Service
COMPARING GDP BY SECTOR
U.S. North Korea
Agriculture 1.2 23
Industry 19.2 43.4
Services 79.6 33.6
5%15%25%35%45%55%65%75%85%95%
INDICATORS OF ECONOMIC DEVELOPMENT
Post-Material/Post-ModernValues emphasized by a society
Stages
Pre-Modern Basic Survival
Modernism (Materialism) Values of Industrialism
Materialism Rationalism and Reasoning
POST-MATERIALISM/POST-MODERNISM
Set of values that emphasize “Quality of Life” in addition to material gain.Health CareEnvironmentEducation
GROSS DOMESTIC PRODUCT PER CAPITA
The total value of goods and services produced by an economy, divided by population of the country.
GNP: Includes income earned by citizens outside of the country.
INDICATORS OF ECONOMIC DEVELOPMENT
Human Development Index Measures overall well-being of
society: Health, education, & income.
1= Very Good0= Very Bad
HUMAN DEVELOPMENT INDEX, 2011
1. NORWAY 4. UNITED STATES
187. Dem. Republic of the Congo
Life Expectancy
81 Years 78.5 Years
48 Years
Years of Schooling
12.6 Years
12.4 Years
3.5 Years
GDP per Capita
$47,676 $41,761 $290
HDI 0.943 0.910 0.286
http://hdr.undp.org/en/statistics/ 2. Australia 3. Netherlands
HUMAN DEVELOPMENT INDEX
Health Education Income HDI0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1
NorwayCongo
HIGH LEVEL OF ECONOMIC DEVELOPMENT
Post-IndustrialPost-Modern/Post-MaterialHigh GDP per capitaHigh score (close to 1) on HDI