What do Gross Domestic Product (GDP) and Human Development Index (HDI) measure? Which measure is more accurate?
What will be an ideal response?
The ideal answer should include:
1. Both GDP and HDI are measures of countries' prosperity. GDP is an economic measure, measuring the market value of all the final goods and services produced in a period of time. GDP per capita measures the market value of all the final goods and services produced in a period of time, divided by population. In other words, GDP per capita measures average incomes.
2. HDI is a more holistic measure of prosperity as it takes into consideration different variables, such as life expectancy at birth, adult literacy rates, and standard of living, as measured by GDP per capita (PPP).
3. Since HDI effectively includes GDP per capita while aiming to capture more nuance, it could be argued that HDI is more accurate.
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