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Explain the Human Development Index
Introduced by the UN in 1990, the index take into account not only the goods and services formed but also the ability of a population to use these and the time they have to enjoy them. It is a composite index based on real GDP per capita (PPP), life expectancy at birth and educational achievement that calculates socio-economic development.
Consider a person''s decision problem in trying to decide how many children to have. Although she cares about children and would like to have as many as possible, she knows that ch
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