Economic growth is closely related to economic development. We need economic growth to support economic development because it contributes to increased output and income in the economy, which in turn contributes to prosperity.Increased
Human Development Index
Economic Development Explained: Stages, Goals & Impact
What's it? Economic development refers to an economy's progress in terms of quality. It's not just about economic growth. It also talks about a country's multidimensional aspects, such as increasing per capita income, improving education and health,
Human Development Index: Indicators, Ranking, Benefits, Limitations
The Human Development Index (HDI) is a powerful tool that goes beyond traditional economic metrics to measure a country's overall well-being. Developed in 1990, the HDI takes a multidimensional approach, considering not just a nation's economic
Gini Coefficient: Unveiling the Math Behind Income Inequality (Calculation, Pros, Cons)
The Gini coefficient, or the Gini ratio or Gini index, is a powerful tool for measuring income inequality within a society. It goes beyond simply looking at a country's average income and sheds light on how wealth is distributed among its citizens.