Why is per capita income not a reliable index of economic development? Explain
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It does not show how equitably a country’s income is distributed
It does do not account for improving the longevity of human life nor the quality of the environment, such as pollution, environmental degradation, health, education, etc.; particularly in underdeveloped countries
And finally, I feel that despite the fact that per capita income affects material welfare, it is wealth that determines economic welfare and not current income as such.
It does do not account for improving the longevity of human life nor the quality of the environment, such as pollution, environmental degradation, health, education, etc.; particularly in underdeveloped countries
And finally, I feel that despite the fact that per capita income affects material welfare, it is wealth that determines economic welfare and not current income as such.
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