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HUMAN DEVELOPMENT INDEX: A summary composite index that measures a country's average achievements in three basic aspects of human development: longevity, knowledge, and a decent standard of living. Longevity is measured by life expectancy at birth; knowledge is measured by a combination of the adult literacy rate and the combined primary, secondary, and tertiary gross enrollment ratio; and standard of living is measured by GDP per capita. The Human Development Index (HDI), reported in the Human Development Report of the United Nations, is an indication of where a country is development wise. The index can take value between 0 and 1. Countries with an index over 0.800 are part of the High Human Development group. Between 0.500 and 0.800, countries are part of the Medium Human Development group and below 0.500 they are part of the Low Human Development group.
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NEAR-PUBLIC GOODS Goods characterized by nonrival consumption and the ability to exclude nonpayers. Near-public goods are one of four types of goods differentiated by consumption rivalry and nonpayer excludability. The other three goods are near-public (rival consumption and nonpayers can be excluded), public (nonrival consumption and nonpayers cannot be excluded), and common-property (rival consumption and nonpayers cannot be excluded). The ease of excluding of nonpayers means near-public goods can be exchanged through markets, but nonrival consumption means efficiency can only be achieved with government intervention.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"A ship ought not to be held by one anchor, nor life by a single hope. " -- Epictetus, philosopher
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IO
Industrial Organization
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