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Economies 2018, 6(2), 32; https://doi.org/10.3390/economies6020032

The Human Development Index as Isoelastic GDP: Evidence from China and Pakistan

Warrington College of Business, University of Florida, Gainesville, FL 32611-7150, USA
Received: 19 November 2017 / Revised: 2 April 2018 / Accepted: 16 April 2018 / Published: 21 May 2018
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Abstract

Gross domestic product (GDP) is shown to possess three new desiderata. First, GDP is almost perfectly correlated over time with the first principal component of its three classical indicators. Second, this principal component is in a class of weighted indexes ancillary to GDP. Each ancillary index informs policy as to allocation of resources over the three GDP indicators. Third, a country-specific power of GDP almost perfectly predicts the United Nation’s Human Development Index (HDI). These findings are brought by principal components and regression analyses of time series supplied by the World Bank and the United Nations. Axiomatic HDI computation is carried out without survey sampling, probabilistic inference, significance testing, or even HDI data. View Full-Text
Keywords: societal data theory; country specificity; internal consistency of GDP indicators; latent population distributions; latent 2-level principal-components analysis; Nt-weighted versus weighted GDP indicators societal data theory; country specificity; internal consistency of GDP indicators; latent population distributions; latent 2-level principal-components analysis; Nt-weighted versus weighted GDP indicators
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Bechtel, G. The Human Development Index as Isoelastic GDP: Evidence from China and Pakistan. Economies 2018, 6, 32.

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