What are the important components of the Human Development Index HDI?

It is composed of four principal areas of interest: mean years of schooling expected years of schooling, life expectancy at birth, and gross national income per capita. This index is a tool used to follow changes in development levels over time and to compare the development levels of different countries.Click to see full answer. Considering this, what are the important components of the Human Development Index HDI )?Explanation: Human Development Index (HDI) is a static composite indicator that is used to rank the levels of development among countries. It is classified into three components, namely, life expectancy (years at birth), life expectancy(expected years of schooling), and Standard of living (GDP/GNI per capita).Likewise, what is the importance of human development index? The HDI gives an overall index of economic development. It gives a rough ability to make comparisons on issue of of economic welfare – much more than just using GDP statistics. Human Development Index is important because it helps us to know how a country is doing. It is a better measure of a country’s progress. Herein, how do these measures relate to the Human Development Index HDI )? The standard of living dimension is measured by gross national income per capita. The HDI uses the logarithm of income, to reflect the diminishing importance of income with increasing GNI. The scores for the three HDI dimension indices are then aggregated into a composite index using geometric mean.Which are factors used in estimating the human development index?To do this, the Human Development Index measures life expectancy (health), mean and expected years of schooling (education) and income per person (wealth). These factors are chosen because they are fairly easy to measure and give a rough estimate of some of the most important factors of life.