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Question
Why NNP is not considered as a useful measure to compare a country’s development with other countries?
Short/Brief Note
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Solution
- For comparison between countries' development, total income or the national income is not a useful measure.
- Since countries have different populations, comparing total income will not tell us what an average person is likely to earn.
- Hence we compare average income which is also called per capita income.
- Now the economical have realized that investment in human capital.
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Indicators of Economic Development
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What do you mean by development?
What are the indicators of development?
Expand the NNP.
Expand the PCI.
What is meant by the average Income?
This is also known as National Income.
