Key Indicators of Economic Development


 
 
Concept Explanation
 

Key Indicators of Economic Development 

(i) Physical Quality of Life Index

It is a pure social index developed by Morris D. Morris. Under this, three elements are calculated as indicators of economic development - infant mortality, life expectancy at 1 year of age and literacy rate.

(ii) Quality Life Index

It is also a social index, which includes both physical and non-physical components. Based on this, the level of economic development is ascertained. It has six components

        (i) Real Per Capita Income

        (ii) Infant Mortality

        (iii) Life Expectancy

        (iv) Civil Liberties Coefficient

        (v) Educational Achievement Coefficient

        (vi) Political Independence Coefficient.

(iii) Gender Development Index

It was developed in 1995 by UNDP The GDI shows the achievement of the female population relative to the male population in terms of three dimensions of human development Life Expectancy, Literacy and Per Capita National Income Accordingly, family-social welfare increases as the average income of women increases. Hence the Gender Development Index is a better indicator of social welfare

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