An Index For Sustainable Development
Author(s)
A. Federici
Abstract
A measure of development only in terms of consumption of goods is too narrow.
Indeed, development is a wider and more complex concept and both theoretical
and empirical analysis should be broadened to include a large set of those aspects
which contribute to determine the standard of life of people. An answer to this
topic is represented by the Human Development Index which ranks nations
according to the aggregation of three socioeconomic indicators, whose choice
might seem restrictive, especially when a large set of countries with different
paths of development is considered. As a possible improvement of this
well-known index some economic, social and environmental indicators have
been added in order to derive a comprehensive aggregated index of development.
In addition, non-replaceability among the various dimensions of development is
assumed, that is only a condition where the different components show the same
relative proportions is considered sustainable over time. To this aim a concave
Sustainable Socioeconomic Development Index which penalizes progressively
the dissimilarity among the components is presented and applied to a large
sample of countries. With respect to the hypothesis of perfect substitutability
among the different variables, the final ranking of countries is quite different in
the case of the Sustainable Socioeconomic Development Index, where
penalisations to unbalanced degrees of development have been applied.
Keywords: index, development, sustainable development, ranking, HDI.
1 Introduction
The measure of development in terms of only consumption of goods is too
narrow, as remarkably outlined inter alia by Sen [1]. Indeed development is a
wider and more complex concept and empirical analysis should be broadened to
include a large set of those aspects which contribute to determine the standard of
Keywords
index, development, sustainable development, ranking, HDI.
Related Book
Other papers in this volume
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