What is meant by HDI?what are the components of HDI
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In Macroeconomics or Development Economics,HDI is an abbreviated form of Human Development Index,which primarily measures the overall socio-economic welfare or well-being of any particular nation.
Explanation:
HDI employs several components or criteria as measurement parameters or yardsticks and rank the countries accordingly based on these criteria or components.Some of these country specific components majorly include health or medical facilities,educational system at all levels which includes the average expected years of schooling,per capita gross national income and life expectancy of people at birth.These are the major indicators used by the index to examine the overall socio-economic welfare or well-being of the people of any country in the world.
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