Please add an extra 300 WC to this, I do not know what else to add without seeming circular.

Introduction:

There are many measures of economic development, such as Gross Development Product (GDP), Human Development Index (HDI), and others. However, I believe that the Human Development Index (HDI) is the most effective in accurately measuring economic development in a country.

Position:

The HDI is a composite index that measures a country's average achievements in three basic dimensions of human development: health, education, and standard of living. The index is calculated using data on life expectancy, education, and income. The HDI is a more comprehensive measure of a country's well-being than GDP alone because it takes into account not only economic growth, but also the well-being of the population.

Supporting Information and Data:

According to the United Nations Development Programme (UNDP), the HDI is the most widely used measure of human development and has been used by the UNDP since 1990. The HDI is also used by the World Bank, the World Health Organization (WHO), and other international organizations.

One of the advantages of the HDI is that it provides a more complete picture of a country's development than GDP alone. For example, GDP does not take into account the distribution of income within a country, which can be important in understanding the well-being of the population. Additionally, GDP does not account for the impact of economic growth on the environment or on social factors such as health and education. The HDI, on the other hand, considers all these factors, providing a more comprehensive picture of a country's development.

Examples and Comparison:

To further illustrate the effectiveness of HDI in measuring economic development, let's compare the HDI of two countries: the United States, a core economy, and Haiti, a periphery economy. According to the UNDP, in 2020, the HDI of the United States was 0.939, while the HDI of Haiti was 0.541. This indicates that the United States has a much higher level of human development than Haiti.

The HDI of the United States is ranked 13th in the world, while Haiti is ranked 158th. This difference in HDI ranking is a reflection of the difference in economic development between the two countries. The United States has a much higher GDP per capita than Haiti and a higher standard of living. Additionally, the United States has a higher level of education and a longer life expectancy. These indicators of human development are all reflected in the HDI.

Conclusion:

In conclusion, the HDI is a more effective measure of economic development than GDP alone. The HDI provides a comprehensive picture of a country's well-being by taking into account not only economic growth, but also the well-being of the population. The HDI is widely used by international organizations and provides a more complete picture of a country's development than GDP alone. As demonstrated by the comparison of the HDI of the United States and Haiti, the HDI effectively reflects the difference in economic development between a core and a periphery country.

References:

United Nations Development Programme. (n.d.). Human Development Index (HDI). Retrieved January 28, 2023, fromhttps://hdr.undp.org/en/content/human-development-index-hdi

World Bank. (2021). Data. Retrieved January 28, 2023, fromhttps://data.worldbank.org/indicator/NY.GDP.PCAP.CD