write the importance of HDI in three points
Answers
Human Development Index is a measure of economic development and economic welfare. The Human Development Index examines three important criteria of economic development and uses this to create an overall score between 0 and 1. 1 Indicates a high level of economic development while 0 is a very low level. The Human Development Index combines the following three criteria of economic development.
1) Life Expectancy Index :
Average life expectancy is compared to a global expected life expectancy.
2) Education Index :
a) Mean years of schooling.
b) Expected years of schooling.
3) Income Index
The HDI gives an overall index of economic development. It gives a rough ability to make comparisons on issue of of economic welfare - much more than just using GDP statistics. Human Development Index is important because it helps us to know how a country is doing. It is a better measure of a country's progress.
Social measures of development ought to be factored in to calculate a country’s overall level of development. Some believe that additional factors such as human rights and happiness are very important. Political corruption and gender inequality are used in some studies. With so much data available to us we use composite measures instead. Composite measures combine several development measures into one formula. The Human Development Index (HDI) consists of three elements. These are:
income
life expectancy
education
HDI per capita is used as an estimated measure of wealth. Life expectancy is the average number of years a person can expect to live. The average number of years of schooling is used in an education index. The three parts are processed to produce a number between 0 and 1.
The world’s highest-and lowest-scoring countries in 2015 are shown below:
Norway = 0.944
Australia = 0.933
Switzerland = 0.917
Central African Republic = 0.341
Demoscratic Republic of Congo = 0.338
Niger = 0.337