Development
The IMF puts them into 3 groups. There are. Developed economies -
Transitional economies
Developing economies
High income - $9000
Upper middle - $3000-9000
Lower middle - $700-3000
low income - below $700 All figures annual per capita income.
Measuring development
The World Bank classifies countries as "developed or developing on the basis of the level of per capita income reached.
However the meaning of development could be widened to include the attainment of fairer distribution of income. It could include the provision of basic needs such as shelter nutrition etc as signs of development. Lorenz curves can be used to measure income inequality. Ginni coefficients can also be used. Diagram below:
The Gini coefficient is area A/(A+B) If A is 0 it shows perfect equality
A value of 1 (A=A+B shows perfect inequality.
However, whilst Lorenz curves and......
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