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USING THE HUMAN DEVELOPMENT INDEX IN MEASURING ECONOMIC DEVELOPMENT

N. K. Aksentijevic, Z. Jezic
Thursday 8 November 2018 by Libadmin2018

ABSTRACT

Human Development Index (HDI) is calculated as a combined index of three indicators: the expected life expectancy, purchasing power and expected education. These three indicators can adequately represent the development of the country because the longer life expectancy of a population implies a better health condition, resulting in better psychophysical abilities or greater human vitality. The purchasing power of the population indirectly expresses the level of satisfaction of the needs, and thus the satisfaction and motivation of the employees. Finally, the level of education achieved indirectly indicates the level of mastery of the knowledge and skills necessary to achieve growth and development.
The HDI has been used in measuring economic development since the 1990s. Due to the lack of statistical data (in particular, poverty indicators), by using HDI is easier to rank countries according to development level. The main advantage of this approach is in the determination of the position and the tendency of development in the longer period. The paper analyzes how the change of criteria in the calculation of HDI affects the distribution of countries in the world in regard to the level of development. Furthermore, in the paper, the tendencies of development of the Republic of Croatia by using HDI are being analyzed.

Keywords: Human Development Index, HDI, economic growth, economic development, Croatia


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