The hum development index is a summary index that measures three basic aspects of human development:
1) longevity – life expectancy at birth
2)knowledge – adult literacy rates at birth
3) A decent standard of living – real GDP in US dollars per capita at PPP
The HDI attempts to give a more rounded indicatior of standard of living than GDP alone. For example a country may have a lower income than another but it might have greater equality in access to healthcare and education leading to a higher value for the HDI.
The highest value for the HDI is 1. However if a country is given a value of 1 it does not mean that the country has reached its full development it means that on the current measurement it is fully developed.
Tags: adult literacy, Development economics, Economics, GDP, HDI, life expectancy, Purchasing Power Parity, Real, standard of living
