Broad-based index for measurement of development

Sayel Basel (), K. U. Gopakumar () and R. Prabhakara Rao ()
Additional contact information
Sayel Basel: Sri Sathya Sai Institute of Higher Learning
K. U. Gopakumar: Sri Sathya Sai Institute of Higher Learning
R. Prabhakara Rao: Sri Sathya Sai Institute of Higher Learning

Journal of Social and Economic Development, 2020, vol. 22, issue 1, No 9, 182-206

Abstract: Abstract Measurement of development is important for economists, academicians and policy makers as it deals with broader issues such as satisfaction of basic human needs and goals, well-being, environment protection and of course economic growth. There have been several attempts to construct various indices for measuring development ever since the use of growth in GDP was found to be inadequate. While the use of composite indices was a significant step in this direction, the existing ones are widely criticized on its limited scope while capturing the various dimensions of development process. Moreover, they also lacked in its methodology of aggregation and weighting scheme, where equal weights for its components were taken in most of the cases. In this study, we make an attempt to construct a broad-based development index (BBDI) capturing the overall development process under various dimensions such as society, sustainability, economy and institutions. Apart from its wide coverage, our index is also different from the existing ones in terms of its weighting, where we have used principal component analysis for deriving the variable weights. BBDI is then aggregated for 102 countries measuring their development process from 1996 through 2015.

Keywords: Measurement of development; Broad-based development index; Principal component analysis; Sustainable development (search for similar items in EconPapers)
JEL-codes: C38 O10 O47 O57 Q01 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

Downloads: (external link)
http://link.springer.com/10.1007/s40847-020-00093-2 Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:jsecdv:v:22:y:2020:i:1:d:10.1007_s40847-020-00093-2

Ordering information: This journal article can be ordered from
http://www.springer.com/economics/journal/40847

DOI: 10.1007/s40847-020-00093-2

Access Statistics for this article

Journal of Social and Economic Development is currently edited by M.G. Chandrakanth, D. Rajasekhar, Anand Inbanathan and S. Madheswaran

More articles in Journal of Social and Economic Development from Springer, Institute for Social and Economic Change
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().