Understanding Development-1

How can we define development? There are many ways ranging from HDI (Human Development Index) to PPP (Purchasing Power Parity) to per-capita GDP (Gross Domestic Product). All of them try to identify some indicators and develop a relative index of nations. Sometimes, the indicators have wide divergences also based on perspectives; like Bhutan focuses on Happiness Index while most of the nations of the world emphasize on physical affluence and socio-economic indicators.

As per my studies, I have found that there are three basic threats a human faces:

1. Threat of survival (like food security | basic healthcare | protection from natural or man-made disasters | etc)

2. Threat of competitive fitness (like competitive capacity | comparative amount of information, access, knowledge, network, energy | etc )

3. Threat of wealth and equity (like pensions | interest on small savings |  cooperation | decentralization | etc )

These threats can be correlated to economics by identifying some socio-economic indicators and factors and correlating these threats with them. So, in more economic terms, we can understand these threats through factors of survival, factors of competitive fitness and factors of wealth and equity.

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