Economics Workshop Question Answer 2022

Running head: ECONOMICS
Economics
Name of the Student
Name of the University
Course ID

ECONOMICS1
Table of Contents
Workshop Question 1......................................................................................................................2
Thesis statement...........................................................................................................................2
Discussion....................................................................................................................................2
Workshop Question 2......................................................................................................................3
Thesis statement...........................................................................................................................3
Discussion....................................................................................................................................3
List of References............................................................................................................................5

ECONOMICS2
Workshop Question 1
Thesis statement
“Human Development Index is a good indicator of economic and social well-being”
Discussion
The Human Development Index is a measure which is developed by United Nation and is
used to rank nation according to the economic and social development of the country. In
measuring social welfare, the index consider three major areas such as level of income, life
expectancy and level of education. The measure gives equal weightage to each of the indicators.
In terms of HDI, rank of a country lies between 0 and 1 (Herrero, Martínez and Villar 2019).
Value closer to 0 indicates low level of economic development and value closer to 1 implies high
levels of economic development.
Human Development Index (HDI) is a better measure of economic development as it
includes some qualitative measure such as level of education and life expectancy in addition to
the quantitative index of Gross Domestic Product of a nation. The index helps to design policies
depending on HDI rank. HDI is considered as a good index for capturing overall well-being of
people and society for various reasons. Firstly, the index measure human development in three
important aspects necessary for a healthy life. Secondly, HDI is a useful index for measuring
development as it incorporates social and economic indicators and thus help to reduce anomalies
related to development measure.
The oil spill in the deep water horizon of Gulf of Mexico occurred on April 20, 2010.
This is known as one of the major industrial disasters characterized by the explosion in the mid-
water and spread bulk amount of methane and oil (Marietou et al. 2018). All the fish and turtles