On Some Problems of Using the Human Development Index in Economic History
Nicola Amendola,
Giacomo Gabbuti and
Giovanni Vecchi
No 527, CEIS Research Paper from Tor Vergata University, CEIS
Abstract:
We argue against the use of composite indices, such as the Human Development Index (HDI), in economic history. We show that the HDI can be interpreted as a formal representation of the analyst’s ethical system. We support our claim by introducing a new class of paternalistic social welfare functions (Graaff 1957, Mas-Colell, 1995) which encompasses all the HDI formulas put forth by the literature. The theoretical framework is illustrated by an empirical investigation of the long-run evolution of Italians’ living standards and civic liberties. We conclude that any history based on composite indices is one where both data and history play a minor role, if any.
Keywords: Human development index; Economic wellbeing; Composite indices; Living standards; CES; Social welfare functions; Italy (search for similar items in EconPapers)
JEL-codes: N01 N3 O15 (search for similar items in EconPapers)
Pages: 57 pages
Date: 2021-11-09, Revised 2021-11-09
New Economics Papers: this item is included in nep-dev, nep-evo, nep-gro, nep-his, nep-hme and nep-pke
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Journal Article: On some problems of using the Human Development Index in economic history (2023)
Working Paper: On Some Problems of Using the Human Development Index in Economic History (2021)
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