Poverty: when income is below the level that would allow someone to enjoy some agreed minimum standard of living. WB defines 'extreme poverty' as living on less than US$1/day and moderate poverty as less US$2/day at PPP.
Economic development: the process of improvign people's economic well-being and quality of life.
Human development index: a measure that, recognising the limitations of GDP/capita as a measure, combines outcomes that might be valued in the development process: life expectancy at birth; adult literacy rate; % of relevant population enrolled in primary, sector, tertiary education; and GDP/capita in US$ at PPP.
- High human development: where HDI is 0.8 and above.
- Medium human development: where HDI is between 0.5 and 0.8.
- Low human development: where the HDI is less than 0.5.
Index of Sustainable Economic Welfare: an index, first constructed in 1989 by Herman E. Daly and John B. Cobb that adds to national expenditure things that raise the quality of life and deducts things that reduce well-being to produce a 'Genuine Progress Indicator' measure.
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