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Redefining the development index of a nation

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  • Jakhotiya, Girish

Abstract

An overemphasis on GDP and GDP-related parameters has neglected the measurement of ‘versatile development’ of a nation. The present design and application of all the development related parameters serve a limited purpose of using common medicine for all types of patients. A Development Index of a nation should also be a measurement of sustainability of economic growth and inclusivity for the downtrodden communities. As an index, it should look at the ‘relative status’ of a nation. This is essential to attach suitable weightages to the various components of an index, suited to the socio-economic condition of a nation. This paper attempts to rework on the Development Index, to make it a versatile tool to measure an all-round development of a nation. The illustration presented in this paper is based on a broad study of the overall status of the economies of a few influential countries. While doing so the index is presented through its ten components capturing maximum possible dimensions of a nation’s development.

Suggested Citation

  • Jakhotiya, Girish, 2018. "Redefining the development index of a nation," MPRA Paper 90783, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:90783
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    Cited by:

    1. Jakhotiya, Girish, 2019. "Why and how the western economists should reorient their thinking?," MPRA Paper 94318, University Library of Munich, Germany.
    2. Jakhotiya, Girish, 2019. "Capitalist corruption leading to global socio-economic collapse," MPRA Paper 95771, University Library of Munich, Germany.
    3. Jakhotiya, Girish, 2019. "Directed social economics : China's complicated growth story," MPRA Paper 94721, University Library of Munich, Germany.

    More about this item

    Keywords

    Development Index; sustainability; versatility; inclusivity; equity; GDP; economic status;
    All these keywords.

    JEL classification:

    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • O2 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy

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