Economic

This essay has a total of 1718 words and 8 pages.

economic

Globalisation - Economic Growth and Development and development indicators.
Essay written by: Phillip Miles

"Outline the differences between economic growth and economic development. Discuss how
economic development may be measured. Outline how globalisation may impact upon a nation's
development. Where appropriate make reference to a relevant case study."

Although economic growth and development are similar in meaning, they have some essential
differences. Economic growth refers to the increasing ability of a nation to produce more
goods and services. Economic development basically implies that individuals of that nation
will be better off and takes into account changes in economic and social structures that
will reduce or eliminate poverty. Economic development can be measured in a number of
different ways including the Human Development Index, a Gender Empowerment Measure, a
Human Poverty Index and a Human Freedom Index. All of these measures were developed by the
United Nations Development Program. The World Bank also has its own indicator called the
World Bank Development Indicator. Globalisation can have both negative affects on a
nation. It can impact on the levels of economic growth a country may experience, impact on
levels of unemployment or it may impact on a country's quality of life.


Economic growth is the expansion of a country's productive capacity. This leads to a rise
in total national output. Growth can occur in two different ways; the increased use of
land, labour, capital and entrepreneurial resources by using better technology or
management techniques and increased productivity of existing resource use through rising
labour and capital productivity. While theoretically having an increasing national output
means greater material welfare and a rise in living standards, it does not equate to
having higher levels of well being for individuals in that nation. Economic growth can, in
fact, have negative impacts on a nation including environmental degradation and the loss
of traditional cultural values. It also may mean there is greater inequality between
different classes in society, that is, the gap between the rich and the poor may grow. It
is for these reasons that economic development measurements are also used.


Economic growth as a measure fails to account for other important social and economic
factors such as the size of the black market, domestic work which is not given a financial
value, the level of damage to the environment and inequalities in income distribution.
Various indicators have been developed to compensate for the limitations of economic
growth measurements. Rather than just measuring the economic living standards in a
country, development indicators measure the welfare of individuals in that country. The
main development indicator used is the Human Development Index (HDI). It was devised by
the United Nations Development Program (UNDP) to measure the economic achievements of a
nation in combining economic growth as well as social welfare. The HDI takes into account
three major factors:


Life expectancy at birth: High levels of longevity are critical for a country's economic and social well being.
Levels of educational attainment: The HDI measures adult literacy and the ratio of people
in primary, secondary and tertiary education.

Gross Domestic Product per capita: seen as being a measurement of the ability of people to access goods and services.
The HDI is essentially a score between 0 and 1. A score of 0 would mean no human
development has taken place and a score of 1 is the maximum amount of human development.
In 2000, the Human Development Report places Canada as the top ranked nation with a HDI of
0.935. Australia was ranked fourth, with a HDI of 0.929 behind Norway and the United
States. The lowest ranked nation was Sierra Leone with a HDI of 0.252. When comparing the
HDI of certain countries, the GNP per capita should also be considered. A nation with a
much higher-ranking HDI than GNP per capita has had a relatively high level of economic
development given their level of economic growth. Examples of this are Tajikistan ( 43)
and Cuba ( 40). In contrast, some nations may have a higher GNP per capita ranking than
their HDI ranking. This indicates that there is a very high level of inequality, that is
high income levels are only enjoyed by a small proportion of the population. A country
with this problem is South Africa with a GNP per capita ranking 54 places higher than
their HDI ranking.


The UNDP has also developed a number of other indicators. It has developed a specific
Gender Development Index which compares the HDI between male and female populations, a
Gender Empowerment Measure, which shows gender inequality in economic and political
opportunities and a Human Poverty Index (HPI) which measures similar outcomes to the HDI,
but examines the extent of disadvantage faced by people who are being deprived of human
development. The HPI is adjusted for developing and developed countries.


In 1991, the UNDP developed a one off indicator called the Human Freedom Index (HFI). This
included such things as the right to travel in ones own country, the right to teach ideas
and receive information, the right to have an ethnic language, the freedom from forced or
child labour, the freedom from compulsory work permits, the freedom from censorship, the
freedom for political, legal, social and economic equality for women, social and economic
equality for ethnic minorities and the existence of independent trade unions. The UNDP
discontinued this measurement as it was based on subjective facts and would not be a
consistent measurement from year to year.


The World Bank Developed its own indicator called the World Bank Development Indicator
(WBDI). This was made to supplement the Human Development Index. The WBDI mainly measures
the quality of life, the success of measures to alleviate poverty, the current account
balance, malnutrition, traffic congestion, tax rates, life expectancy, population size,
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