Is Per Capita Income a True Indicator of Development?

Abstract

With the objective to find a summary statistics of development, this paper tries to gauge ‘Per Capita Income', whether it actually can be termed as an indicator of development or one needs to look at some more indicators in the frame to visualize a country's development. This paper includes the structural or institutional indicators of development as: some health indicators like Life Expectancy and IMR, education indicator as the literacy rate, the demographic indicators like TFR and Population growth rate and some economic indicators like Population below poverty line and labor force in agriculture etc., and with all these variables the Per Capita Income has shown a high positive correlation.