when income is below the level that would allow someone to enjoy some agreed minimum standard of living. The World Bank defines 'extreme poverty' as living on less that US$1 per day and 'moderate poverty' as living on less than US$2 per day
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Economic development
process of improving people's economic well-being and quality of life
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High human development
HDI is 0.8 and above
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Medium human development
HDI is between 0.5 and 0.8
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Low human development
HDI is less than 0.5
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Human Development Index (HDI)
a measure recognising limitations of GDP per capita as a measure, combines outcomes that might be valued in development process
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Index of Sustainable Economic Welfare (ISEW)
index by Herman E. Daly and John B. Cobb 1989 - adds to national expenditure things that raise quality of life
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Card 2
Front
process of improving people's economic well-being and quality of life
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