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Gross domestic product (GDP) is a monetary measure of the market value or the market value of all the final goods and services produced and sold in a specific time period by a country or countries, generally "without double counting the intermediate goods and services used up to produce them". GDP is most often used by the government of a single country to measure its economic health. Due to its complex and subjective nature, this measure is often revised before being considered a reliable indicator. GDP (nominal) per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore, using a basis of GDP per capita at purchasing power parity (PPP) may be more useful when comparing living standards between nations, while nominal GDP is more useful comparing national economies on the international market. Total GDP can also be broken down into the contribution of each industry or sector of the economy. The ratio of GDP to the total population of the region is the per capita GDP.
In economics, the Gini coefficient, also known as the Gini index or Gini ratio, is a measure of statistical dispersion intended to represent the income inequality or the wealth inequality within a nation or a social group. It was developed by statistician and sociologist Corrado Gini.
Per capita income (PCI) or total income measures the average income earned per person in a given area in a specified year. It is calculated by dividing the area's total income by its total population.
A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product (GDP), gross national product (GNP), net national income (NNI), and adjusted national income. All are specially concerned with counting the total amount of goods and services produced within the economy and by various sectors. The boundary is usually defined by geography or citizenship, and it is also defined as the total income of the nation and also restrict the goods and services that are counted. For instance, some measures count only goods & services that are exchanged for money, excluding bartered goods, while other measures may attempt to include bartered goods by imputing monetary values to them.
The Human Development Index (HDI) is a statistic composite index of life expectancy, education, and per capita income indicators, which is used to rank countries into four tiers of human development. A country scores a higher level of HDI when the lifespan is higher, the education level is higher, and the gross national income GNI (PPP) per capita is higher. It was developed by Pakistani economist Mahbub ul Haq and was further used to measure a country's development by the United Nations Development Programme (UNDP)'s Human Development Report Office.
Genuine progress indicator (GPI) is a metric that has been suggested to replace, or supplement, gross domestic product (GDP). The GPI is designed to take fuller account of the well-being of a nation, only a part of which pertains to the size of the nation's economy, by incorporating environmental and social factors which are not measured by GDP. For instance, some models of GPI decrease in value when the poverty rate increases. The GPI separates the concept of societal progress from economic growth.
The Human Poverty Index (HPI) was an indication of the poverty of community in a country, developed by the United Nations to complement the Human Development Index (HDI) and was first reported as part of the Human Deprivation Report in 1997. It is developed by United Nations Development Program which also publishes indexes like HDI It was considered to better reflect the extent of deprivation in deprived countries compared to the HDI. In 2010, it was supplanted by the UN's Multidimensional Poverty Index.
The Human Development Report (HDR) is an annual Human Development Index report published by the Human Development Report Office of the United Nations Development Programme (UNDP).
The economics of happiness or happiness economics is the theoretical, qualitative and quantitative study of happiness and quality of life, including positive and negative affects, well-being, life satisfaction and related concepts – typically tying economics more closely than usual with other social sciences, like sociology and psychology, as well as physical health. It typically treats subjective happiness-related measures, as well as more objective quality of life indices, rather than wealth, income or profit, as something to be maximized.
The Gender Development Index (GDI) is an index designed to measure gender equality.
The Environmental Vulnerability Index (EVI) is a measurement devised by the South Pacific Applied Geoscience Commission (SOPAC), the United Nations Environment Program and others to characterize the relative severity of various types of environmental issues suffered by 243 enumerated individual nations and other geographies. The results of the EVI are used to focus on planned solutions to negative pressures on the environment, whilst promoting sustainability.
The Social Institutions and Gender Index (SIGI) is an index designed to measure the level of discrimination in social institutions, and in doing so measure gender equality. SIGI is a composite indicator of gender equality, introduced by the OECD Development Centre in 2007. It solely focuses on social institutions which are formal and informal laws, social norms and customary practices that impact the roles of men and women. The SIGI is a multifaceted measure that focuses on four dimensions: Discrimination in the family, Restricted physical integrity, Restricted access to productive and financial resources, and Restricted civil liberties.
The Ibrahim Index of African Governance (IIAG), established in 2007, provides an annual assessment of the quality of governance in African countries. Compiled by combining over 100 variables from more than 30 independent African and global institutions, the IIAG is the most comprehensive collection of data on African governance.
This article includes several ranked indicators for Chile's regions.
Multidimensional Poverty Indices use a range of indicators to calculate a summary poverty figure for a given population, in which a larger figure indicates a higher level of poverty. This figure considers both the proportion of the population that is deemed poor, and the 'breadth' of poverty experienced by these 'poor' households, following the Alkire & Foster 'counting method'. The method was developed following increased criticism of monetary and consumption based poverty measures, seeking to capture the deprivations in non-monetary factors that contribute towards well-being. While there is a standard set of indicators, dimensions, cutoffs and thresholds used for a 'Global MPI', the method is flexible and there are many examples of poverty studies that modify it to best suit their environment. The methodology has been mainly, but not exclusively, applied to developing countries.
The OECD Better Life Index, created in May 2011 by the Organisation for Economic Co-operation and Development, is an initiative pioneering the development of economic indicators which better capture multiple dimensions of economic and social progress. The platform consists of a dashboard, that provides data and insights into key indicators - measuring areas such as wellbeing, environmental quality, quality of public services and security - alongside an interactive tool Your Better Life Index (BLI), which encourages citizens to create their own indexes by ranking each of the indicators according to the importance in their own lives.
Although for many decades, it was customary to focus on GDP and other measures of national income, there has been growing interest in developing broad measures of economic well-being. National and international approaches include the Beyond GDP programme developed by the European Union, the Better Lives Compendium of Indicators developed by the OECD, as well as many alternative metrics of wellbeing or happiness. One of the earliest attempts to develop such an index at national level was Bhutan's Gross National Happiness Index and there are a now a number of similar projects ongoing around the world, including a project to develop for the UK an assessment of national well-being, commissioned by the Prime Minister David Cameron and led by the Office for National Statistics.
The Gender Inequality Index (GII) is an index for measurement of gender disparity that was introduced in the 2010 Human Development Report 20th anniversary edition by the United Nations Development Programme (UNDP). According to the UNDP, this index is a composite measure to quantify the loss of achievement within a country due to gender inequality. It uses three dimensions to measure opportunity cost: reproductive health, empowerment, and labor market participation. The new index was introduced as an experimental measure to remedy the shortcomings of the previous indicators, the Gender Development Index (GDI) and the Gender Empowerment Measure (GEM), both of which were introduced in the 1995 Human Development Report.