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Explain the component for calculating HDI and how is it a better indicator of country's economic development
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Explain the component for calculating HDI and how is it a better indic...
The. components for calculating HDI are Health,education,and per capita income.
these are the better indicators of country's economic development because only average income could not decide the actual development of the country and it was not sufficient for measuring development. And the combination of these three componenys tell us actual status of country.
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Explain the component for calculating HDI and how is it a better indic...
Components for calculating HDI
- The Human Development Index (HDI) is calculated based on three key components: life expectancy at birth, education (measured by mean years of schooling and expected years of schooling), and per capita income (GDP per capita).

Advantages of using HDI as an indicator of economic development
- HDI provides a more holistic view of a country's development as it considers not only economic factors but also health and education indicators.
- It reflects a country's overall well-being and quality of life, rather than just its economic output.
- By incorporating multiple dimensions of development, HDI allows for a more comprehensive comparison of countries' progress.

Why HDI is a better indicator of economic development
- Unlike traditional economic indicators such as GDP, HDI takes into account the well-being of a country's citizens, which is ultimately the goal of economic development.
- HDI recognizes that economic growth alone does not necessarily lead to improved living standards or overall development.
- By including health and education indicators, HDI captures the broader impact of economic policies on people's lives.
- HDI can help policymakers identify areas for improvement beyond just economic growth, such as healthcare and education systems.
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Read the given extract and answer the questions that follows:If democracies are expected to produce good governments, then is it not fair to expect that they would also produce development? Evidence shows that in practice many democracies did not fulfil this expectation. If you consider all democracies and all dictatorships for the fifty years between 1950 and 2000, dictatorships have slightly higher rate of economic growth. The inability of democracy to achieve higher economic development worries us. But this alone cannot be the reason to reject democracy. As you have already studied in economics, economic development depends on several factors: country’s population size, global situation, cooperation from other countries, economic priorities adopted by the country, etc. However, the difference in the rates of economic development between less developed countries with dictatorships and democracies is negligible. Overall, we cannot say that democracy is a guarantee of economic development. But we can expect democracy not to lag behind dictatorship in this respect. When we find such significant difference in the rates of economic growth between countries under dictatorship and democracy, it is better to prefer democracy as it has several other positive outcomes.Answer the following MCQs by choosing the most appropriate options:Q. Which development depends on country's population, size, global situation and co-operation from other countries?

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Explain the component for calculating HDI and how is it a better indicator of country's economic development Related: Long Answer Questions- Development?
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