Date Added: Aug 2010
The Stiglitz report published in September 2009 has brought back to the attention of policy makers and researchers that measuring a country's development solely on the basis of GDP or GDP per capita is not sufficient. An early attempt at multidimensional measurement is the Human Development Index (HDI) developed by the United Nations Development Program in 1990. This measure consists of three components: a health index, an education index, and a standard of living index. Even though it was and still is subject to criticism, it is the only multidimensional measure that has been around for 20 years and is widely accepted by policy makers, who use this measure to compare the state of development of their country with those of other countries.