Econ 114 Assignment: Measuring Well-Being

CLEANED Econ 114 Assignment Measuring Well Beingdue As A Hard Copy In Class

CLEANED: Econ 114 Assignment Measuring Well Beingdue As A Hard Copy In Class

Using basic Google (or other search engine) search techniques, find country tables for the following: 1. GDP per capita (or average income in dollars) 2. Gini Coefficient 3. Human Development Index (HDI) Align these three by country as best you can. Then answer and submit the following: 1. Do the three indexes appear to be highly correlated? 2. Do you see anything in the tables that surprises you? For example, a country with a very high income per capita and a very low HDI rank? 3. Does what you found confirm your prior assumptions about well-being? 4. Search for and identify one more alternative index of economic and/or social well-being (there are a lot!). How is this index constructed? Do you find it useful? Please respond to the student as if you were another student. 5 Sentences only NO REFERENCES OR CITIATIONS…..

Paper For Above instruction

Analyzing the relationships between GDP per capita, Gini coefficient, and the Human Development Index (HDI) reveals interesting insights into how countries measure well-being. Generally, these indices tend to be highly correlated; countries with high GDP per capita often have higher HDI rankings, reflecting better education, health, and living standards. However, some exceptions exist where wealth does not directly translate into well-being, such as countries with high income but low HDI scores due to poor healthcare or education systems. For example, Kuwait has a high GDP per capita but a lower HDI ranking, indicating disparities in social services despite economic prosperity. This suggests that income alone is not sufficient to gauge well-being comprehensively. I was surprised to see how some countries with moderate or low income, like Cuba, score relatively high on HDI due to strong health and education systems, challenging assumptions that wealth equals well-being. My prior belief that economic wealth naturally correlates with better quality of life is partially confirmed, but social factors and institutional quality also play vital roles. An alternative index I researched is the Gross National Happiness (GNH), primarily used in Bhutan, which measures subjective well-being, cultural preservation, and spiritual values, constructed through surveys and community feedback. I find GNH useful because it captures dimensions of happiness and societal harmony that traditional economic metrics overlook, promoting a more holistic approach to development.

References

  • Sachs, J. D. (2005). The End of Poverty: Economic Possibilities for Our Time. Penguin Press.
  • United Nations Development Programme. (2021). Human Development Report 2021. UNDP.
  • World Bank. (2022). World Development Indicators. The World Bank Group.
  • Atkinson, A. B., & Burgess, S. (2020). Measuring Well-Being and Development: Methods, Policy and Practice. Oxford University Press.
  • Neckerman, K., & Torche, F. (2007). Inequality: Causes and Consequences. Annual Review of Sociology, 33, 271–297.
  • Schwab, K. (2021). The Global Competitiveness Report. World Economic Forum.
  • Helliwell, J. F., Layard, R., & Sachs, J. (Eds.). (2012). World Happiness Report. Sustainable Development Solutions Network.
  • Bhutan Ministry of Planning. (2013). Gross National Happiness Commission Report.
  • Sen, A. (1999). Development as Freedom. Alfred A. Knopf.
  • OECD. (2017). Better Life Index. OECD Publishing.

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