A new concept of measurement of development is
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A new concept of measurement of development is Human Development Index .
Human Development Index(HDI) :
The Human Development Index is a statistic composite index of life expectancy, education, and per capita income indicators, which are used to rank countries into four tiers of human development.
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A new concept of measurement of development is Human Development Index.
Human Development Index (HDI)
The Human Development Measure (HDI), which ranks nations into four levels of human development, is a statistic composite index of life expectancy, education (mean years of schooling completed and predicted years of schooling upon joining the education system), and per capita income indicators. When a nation's lifespan, educational attainment, and gross national income (PPP) per capita are all greater, the HDI score for that nation is also higher. The Human Progress Report Office of the United Nations Development Programme (UNDP) uses it to gauge a nation's development after it was created by Pakistani economist Mahbub ul Haq.
An inequality-adjusted Human Development Index was introduced in the 2010 Human Development Report (IHDI). While the straightforward HDI is still useful, it was stated that "the HDI can be viewed as an index of 'potential' human development (or the highest level of HDI that could be attained if there were no inequality), while the IHDI is the actual level of human development (accounting for inequality)."
The index is based on the Mahbub ul Haq approach to human development, which is grounded on Amartya Sen's research on human potential and sometimes expressed in terms of whether or not people have the capacity to "be" and "do" desirable things in life. For instance, being well-fed, housed, and healthy; working; going to school; casting a ballot; and taking part in community activities. The freedom of choice is crucial; someone who chooses to go without food (such as while fasting for religious reasons) is very different from someone who is going without food because they cannot afford it or because there is a famine in their nation.
Numerous aspects, such as the net wealth per person or the relative caliber of commodities in a nation, are not taken into consideration by the index. Some of the most developed nations, including the G7 members and others, tend to fall down the rankings as a result of this circumstance.
Therefore A new concept of measurement of development is Human Development Index.