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The Human Value Index

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  • Christian Zimmermann

    (Federal Reserve Bank of St. Louis)

Abstract

The Human Development Index (HDI), implemented by the United Nations Development Programme, is widely accepted as a metric for the development of economies that can be compared through time and space. This index is a weighted combination of income per capita, life expectancy and education indicators. These weights have been set without any theoretical or empirical rationale. This paper's goal is to reinterpret the data used in the HDI is a way that has economic meaning, not just by determining some optimal weights, but rather by compute the value a citizen would get from being born and living in a particular country. This Human Value Index (HVI) is then compared to the HDI. We also compute the Inequality-adjusted HVI corresponding to the Inequality-adjusted HDI.

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File URL: http://www.economicdynamics.org/meetpapers/2013/paper_1106.pdf
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Bibliographic Info

Paper provided by Society for Economic Dynamics in its series 2013 Meeting Papers with number 1106.

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Date of creation: 2013
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Handle: RePEc:red:sed013:1106

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Postal: Society for Economic Dynamics Christian Zimmermann Economic Research Federal Reserve Bank of St. Louis PO Box 442 St. Louis MO 63166-0442 USA
Fax: 1-314-444-8731
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Web page: http://www.EconomicDynamics.org/society.htm
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