The application of customized human development index to the analysis of socio-economic development of the European Union member states

Abstract

The purpose of this publication is to examine the determinants of socioeconomic development of the European Union member states and to rank order the analysed countries by the value of synthetic index of wellbeing. The study implements a framework modelled after the Human Development Index to obtain a customized synthetic measure of the standard of living. The proposed index accounts for a rich set of variables related to the performance of economy, science and technology, health, education and living conditions. The data for empirical analysis are drawn upon the Eurostat databases and cover years 2006 through 2016. The analysis presented in this study is intended to advance the efforts to adjust the traditional measures of development so that they better reflect the contemporary challenges faced by diverse societies.

A Modified Human Development Index, Democracy and Economic Growth in Indonesia

“…Migała-Warchoł (2019) developed the human development index by investigating a large number of new potential variables related to financial and economic condition, science and technology progress, and welfare condition. Migała-Warchoł (2019), Grimm, et.al (2010) and Babiarz et al (2018) conducted a recent study with similar objectives to expand the scope of human development by emphasizing several variables that have the potential to enrich human development. A great deal of research has been conducted in investigating the relationship between human development, economic growth, and democracy, however, the results of empirical research generally produce diverse conclusions and often debated.…”

Evaluation of selected indicators of patient satisfaction and economic indices in OECD country

“…Yagudin et al (2016) dealt with the role of health capital and innovation in human development, where as a dependent variable HDI is used. Findings by Babiarz et al (2018) reveal that the health does not have the greatest impact on socioeconomic development represented by the customized HDI.…”

Circular Economy as an Answer to the Challenge of Improving the Quality of Life

“…Quality of life covers intangible, immeasurable issues (Piecuch and Chudy-Laskowska 2017) which means that to assess the quality of life the subjective measurement is applied. The concept closely related to quality of life is a living standard, but most authors distinguish between them (Babiarz et al 2018;Bérenger and Verdier-Chouchane 2007;Błachut et al 2017;Kasprzyk 2013;McGregor and Goldsmith 1998;Piasny 1993;Piecuch et al 2018;Słaby 2007;Turkoglu 2015;Zeliaś 2000). Living standard concept is described by the living conditions and the level of meet the needs, which could be expressed by the set of objective indices.…”

“…Despite of the potential of HDI, which is frequently used especially in international comparisons, many authors criticize it (Cahill 2005;Kovacevic 2010;Neumayer 2001;Noorbakhsh 1998, Pinar et al 2015Shaikh 2017) or -in a lighter version -propose its modification (Alkire and Foster 2010;Babiarz et al 2018;Busato and Maccari 2016;Herrero et al 2010;Maccari 2014;Migała-Warchoł 2017;Silva and Ferreira-Lopes 2014;Rahjou et al 2014;Trabold-Nübler 1991) or modification of the mathematical model used to calculate it (Mishra and Nathan 2014). Nevertheless, using HDI (in assessment of the quality of life) seems to be the best way to ensure the possibility to compare the received results, especially when this index is compiled with another(s).…”