ECONOMIC INDICATORS: A COMPARATIVE ANALYSIS OF HUMAN – CENTRIC DEVELOPMENT INDEX
Keywords:
Economic indicators, human-centric development index, Islamic-based developmentAbstract
Economy plays a vital role in development index of any country and it has been used as indicator to gauge development, at least since the Second World War. The Human Development Index (HDI) proposed by United Nations Development Programme is a human centric conventional development index that pays attention to economic indicators apart from its social indicators. Similarly, economy is also considered as an important aspect in Islamic development indices. One of the examples for human centric Islamic development index that takes economic indicators into account is the Malaysia Ummah Development Index (MUDI). Nevertheless, the question remains: what are the economic indicators embedded in these indices? Are there any distinctions between economic indicators of the conventional development index and the Islamic development index? Based on the above development indices, this paper compares the economic indicators set in both conventional and Islamic development indices. It shows that economic indicators for the MUDI are slightly difference compared to HDI since MUDI has incorporated the element of tawheed in its worldview.
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