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Measuring Development - An Inequality Dominance Approach (Hardcover, 1st ed. 2020)
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Measuring Development - An Inequality Dominance Approach (Hardcover, 1st ed. 2020)
Series: Themes in Economics
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This book discusses how to measure the level of development of an
economy, particularly, the task of ranking economies in terms of
their development. In this context, development is defined as an
increase in people's level of wellbeing. The book emphasises that
wellbeing is a multidimensional concept, and that it is important
to ask how equitably the fruits of development are distributed, and
as such it focuses on multidimensional, inequality-sensitive
development ranking. Rather than using various specific development
indices, which would lead to different development rankings for a
country, the book proposes a dominance approach, which formulates
conditions under which two economies can be ranked unambiguously,
making it valid for all reasonable development indices. With the
help of illustrative examples using real-world data, it
demonstrates that such unambiguous rankings are possible, and that
the proposed approach can be used to complement traditional
approaches. An invaluable resource for researchers working in the
field of development, the book will also appeal to practitioners
engaged in measuring development. An excerpt from the book's
Foreword:"[This book] is a comprehensive and valuable contribution
to the literature on the measurement of inequality and the use of
such measurement in the assessment of social welfare. I believe
that it will be of much interest to researchers working on measures
of inequality and social welfare as well as advanced graduate
students who are looking for a solid introduction to this important
area of normative economics." - Prof. Prasanta K. Pattanaik,
University of California, Riverside, California, U.S.A.
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