Diminishing returns to GDP and the Human Development Index

  title={Diminishing returns to GDP and the Human Development Index},
  author={Miles B. Cahill},
  journal={Applied Economics Letters},
  pages={885 - 887}
  • M. B. Cahill
  • Published 2002
  • Economics
  • Applied Economics Letters
This paper investigates the assumption of the human development index (HDI) that per capita GDP has diminishing returns to development. Alternative returns to scale assumptions for per capita GDP are evaluated using correlation and principal components analyses conducted on four separate samples of countries. Specifically, the correlation between various transformations of GDP and the other elements of the HDI are examined, and the principal components method of factor analysis is used to… Expand
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