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The Country Development Index: A Holistic Approach to Assessing Socioeconomic Progress
Abstract
As the global economy continues to evolve, the traditional approach of measuring national prosperity based solely on GDP has become increasingly inadequate. The limitations of this approach have prompted the development of the Country Development Index, which aims to redefine how we evaluate a country's progress and well-being. By incorporating a diverse range of social and economic indicators, such as income equality, access to opportunities, and democratic values, this innovative metric seeks to provide a more nuanced and holistic understanding of a nation's prosperity and advancement. The Country Development Index's methodology involves a rigorous and multifaceted approach that draws upon a wide range of data sources and indicators, and uses a sophisticated algorithm to generate a composite score for each country. This methodology will be subjected to rigorous testing and validation to ensure its reliability and validity. Ultimately, the Country Development Index has the potential to revolutionize how we evaluate and compare countries, and to provide policymakers with a powerful tool for promoting human well-being and societal progress.
Keywords
Supporting Institution
University of Warsaw
References
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Details
Primary Language
English
Subjects
Economics
Journal Section
Research Article
Authors
Early Pub Date
May 17, 2023
Publication Date
July 18, 2023
Submission Date
January 24, 2023
Acceptance Date
May 15, 2023
Published in Issue
Year 2023 Volume: 5 Number: 1
APA
Akarsu, M. Z. (2023). The Country Development Index: A Holistic Approach to Assessing Socioeconomic Progress. İzmir Sosyal Bilimler Dergisi, 5(1), 44-57. https://doi.org/10.47899/ijss.1241492
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