The Human Value Index
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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