ECS3707 Assignment 3 (ANSWERS) Semester 2 2024 - DISTINCTION GUARANTEED

Well-structured ECS3707 Assignment 3 (ANSWERS) Semester 2 2024 - DISTINCTION GUARANTEED. (DETAILED ANSWERS - DISTINCTION GUARANTEED!).. QUESTION 1 [40 MARKS] Critically assess the merits of using economic metrics such as Gross Domestic Product (GDP) per capita versus broader multidimensional measures like the Human Development Index (HDI) or Multidimensional Poverty Index (MPI) for understanding development progress. 1.1 Compare and contrast the key components and methodologies of GDP per capita, HDI, and MPI. What aspects of development does each aim to capture? (15) 1.2 Evaluate the strengths and limitations of GDP per capita as a measure of development based on Amartya Sen's capability framework. How well does it reflect people's substantive freedoms and capabilities? (15) 1.3 Analyse how the HDI and MPI incorporate the capability approach compared to GDP per capita. Do they provide a more comprehensive picture of development? Explain why or why not. (10) QUESTION 2 [40 MARKS] Apply the different measurement approaches to contrast the development levels of Rwanda and Ghana using the following data sources: Rwanda: UNDP Human Development Report - Rwanda ( Ghana: UNDP Human Development Report - Ghana ( 2.1 Summarise Rwanda's key development indicators from the AfDB report, including GDP per capita, life expectancy, expected years of schooling, and MPI. How do these paint Rwanda's development picture? (10) 2.2 Outline Ghana's main development statistics from the World Bank overview, such as GDP growth, poverty rates, literacy, and inequality metrics. What do these indicate about Ghana's development status? (10) 2.3 Compare Rwanda and Ghana's development levels and progress using GDP per capita. Which country seems more developed based on this metric and why? (5) 2.4 Contrast your GDP per capita assessment by comparing Rwanda and Ghana using their HDI and MPI values. Does this alter your conclusion about their relative development levels? Why or why not? (10) 2.5 Which measurement approach provides a fuller understanding of development in Rwanda and Ghana based on your analysis? Justify your answer. (5) QUESTION 3 [20 MARKS] Conclude by arguing whether economic metrics, multidimensional indices, or a combination of both are needed to assess development progress comprehensively. 3.1 Summarise the critical insights from comparing GDP per capita to the HDI and MPI to evaluate development in general and for Rwanda and Ghana. (5) 3.2 Make a case for what development metrics policymakers should prioritize and why. Consider the benefits and drawbacks of narrow versus broad measures. (10) 3.3 Explain how Amartya Sen's capability approach can guide the creation and use of development indices from now on to capture what matters for human well-being and freedom.