Indicators of economic development

There is difference of opinion among the economists regarding the indicators or measure of economic development.Norman Hicks and Paul Straiten Opine-"There is no consensus on any singe measure of development" .The economics development is the result of long term changes.Due to these changes,it is difficult to proper the definite criteria of development.The criteria of development change with the passage of time.The main indicators or criteria of development can be explained as follows.

1. Increase in per capital income criteria:According to the economists like Meier,Paul Baran,Becanan and Elis the increase in per capital income is the indicators or criterion of economic development.
2. Increase in gross national product criterion:The economic development is defined as the increase in production of any economy over a time period.The best measure of production is the real GNP or GNP in constant prices.The economists such as Simon Kuznets's,Meier and Baldwin,Meade and so on support this view.According to Meade-"The total income is the best medium of welfare than per capital income."
3. Physical quality of life index criterion:The belief that economic growth does not trickle down to the poor has given birth to the non-income indicators of development.One of them is PQLI,which was presented by Morris D.Morris.The PLQI is the composite of three index life expectancy,infant mortality and literacy.The data relating to these indexes are ranked from 1 to 100.The zero indicates inferior and 100 indicates superior performance.The average of three indicates gives composite index.]
4. Basic needs criterion :The basic needs criterion developed by world banks a complement to the per capital income criterion.The shorthand description of basis needs was incomes+public services+participation.According to this criterion,the development is evaluated on the basis of the fulfilment of the basis needs of population and poor.The signification of this criterion is obvious from the statement made by Mahabub UI Haq-"The growth of GNP is absolutely necessary but that in must be directed intelligenlly toward solving the problems of mass poverty."
5. Human development index criterion:The HDI is the most recent indicators of development.This criterion by United National development programme as a new way of measuring human progress in 1990.This indicator is related to three spec ts of human life income for decent living,educational attainment and life expectancy.