All countries must place emphasis on balanced and sustainable development that also takes into account

human needs centered development. Improvements in human standards are very important and it is for that
reason that development is no longer measured only in terms of monetary but also in terms to quality to
elite enjoyed by the citizens to the country (by the human development index). Toward has given a
comprehensive definition of development, which takes into account an economic approach and a human
needs approach, which is the ideal way of development.

Answer#3

Definition: The Human Development Index (HDI) is a statistical tool used to measure a country's

overall achievement in its social and economic dimensions. The social and economic dimensions of

a country are based on the health of people, their level of education attainment and their standard of

living.

Description:Calculation of the index combines four major indicators: life expectancy for health,

expected years of schooling, mean of years of schooling for education and Gross National Income

per capita for standard of living.

Every year UNDP ranks countries based on the HDI report released in their annual report. HDI is

one of the best tools to keep track of the level of development of a country, as it combines all major

social and economic indicators that are responsible for economic development.

Countries Life Expec Mean GNI Life Mean Expect Average GNI HDI
expectan ted years per expect year ed year of IND IND
cy years of capita ancy years schoolin EX EX
of schooli g
school ng
ing
NORW 81.7 17.7 12.7 67614 81.7- 12.7- 17.7- 0.85+0.9 0.984 O.94
AY 20\85- 0\15- 0\18- 8\2=0.91 4
20= 0=0.8 0=0.98 5
5
0.949
 GERMA 81.1 17.1 13.2 45000 0.94 0.88 0.95 0.915 0.922 0.925
NY
DENMA 80.4 19.2 12.7 44519 0.929 0.846 1.066 0.956 0.921 0.934
RK
CANAD 82.2 16.3 13.1 42582 0.956 0.873 0.905 0.889 0.914 0.919
A
SWEDE 82.3 16.1 12.3 46251 0.958 0.82 0.894 0.857 0.926 0.912
N

CALCULATION

FORMULAE

LIFE EXPECTANCY=actual value-min value\max value-min value

MEAN YEAR SCHOOLING=actual value-min value\max value-min value

EXPECTED YEAR SCHOOLING=actual value-min value\max value-min value

AVERAGE YEAR OF SCHOOLING= MYS+EYS\2

GNI= log(actual value)-log(min value)\log(max value)-log (min value)

HDI=(LEB×AYS× GNI)^1\3
 Answer#4

Inequality has many invidious consequences – too many to list here. This is because it is one of the few
issues that spans both the micro and macro. From the parents who can no longer be confident that their kids
will be able to ascend the ladder of opportunity, to the fact it leads to increased government spending on
healthcare, it is clear that its impact stretches far and wide.That’s why we have placed inequality front and
centre in the latest Sustainable Economic Development Assessment (SEDA).

It’s important at the outset to remind ourselves why we look at well-being specifically. The fact
is that increased GDP, while still important, is no longer seen as conclusive evidence that a
country’s economic policies are working. A country may have a growing economy but, at the
same time, large swathes of its population can remain struggling, seemingly cut off from the
prosperity enjoyed the rich and powerful, and with little or no prospect of any upward mobility
coming their way.The main issue is that as overall inequality increases, so, too, does the gap
between the income of populations in the lower and the average income. This, in turn, leads to
reduced access to key aspects of well-being – such as a good education system and effective
healthcare.
 Answer#5
Gini coefficient
Definition:

The Gini coefficient (Gini index or Gini ratio) is a statistical measure of economic
inequality in a population. The coefficient measures the dispersion of income or
distribution of wealth among the members of a population.
The Gini coefficient is one of the most frequently used measures of economic inequality.
The coefficient can take any values between 0 to 1 (or 0% to 100%). A coefficient of zero
indicates a perfectly equal distribution of income or wealth within a population. A
coefficient of one represents a perfect inequality when one person in a population
receives all the income, while other people earn nothing. In addition, in some rare cases,
the coefficient can exceed 100%. This may theoretically occur when the income or
wealth of a population is negative.

Lorenz Curve:
Definition

A Lorenz curve is a graph used in economics to show inequality in income spread or

wealth. It was developed by Max Lorenz in 1905, and is primarily used in economics.
However, it may also be used to show inequality in other systems. The Gini index can be
calculated from a Lorenz curve by taking the integral of the curve and subtracting from
0.5.