Differences in Economic Development (HSC SSCE Economics): Flashcards
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Economic development measures
Economic development measures
Broad welfare: health, education, environment, income distribution
Economic growth vs economic development
Economic growth vs economic development
Growth = GDP rise; Development = wellbeing/welfare improvements
Top 1% global wealth ownership
Top 1% global wealth ownership
46% of all global wealth
Bottom 50% global wealth ownership
Bottom 50% global wealth ownership
Less than 1% of global wealth
HDI stands for
HDI stands for
Human Development Index
Three components of HDI
Three components of HDI
Life expectancy, education, GNI per capita (PPP)
HDI score range
HDI score range
0 to 1 (0 = none, 1 = maximum development)
Economic growth role in development
Economic growth role in development
Necessary but not sufficient (needs effective policies too)
Wealth vs income inequality comparison
Wealth vs income inequality comparison
Wealth distributed more unevenly than income
Years global HDI first declined
Years global HDI first declined
2020 and 2021 (due to COVID-19)