Is development multi-dimensional?

Is development multi-dimensional?,Declan French,Michael Moore,David Canning

Is development multi-dimensional?   (Citations: 1)
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Abstract The Commission on the Measurement of Economic Performance and Social Progress (CMEPSP) chaired by Joseph Stiglitz completed their report on the limitations of GDP as ameasure of well-being in September, 2009. They decided thatwell -being is multidimensionaland identified eight distinct dimensions. This papers considers how distinct independentmeasures,of development there are in reality. It is possible that many dimensions often considered are related to a core group or that all dimensions are aspects of a small number,of underlying factors. Conventionally linear techniques such as factor analysis would be employed to answer this question whereashere we also introduce a non-linear technique used in chaos theory. We find that linear techniques overestimate the dimension of a dataset of 23 development,indicators with an estimate of fourteen dimensions while applying the non-linear algorithm to the problemresults infive dimensions. This would suggest that the three domains,covered in the United Nations Human Development,Index are sub-optimal and a number of additional variables are required though not as many as the CMEPSP report suggests. JEL Classification: O10
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