Final answer:
The Human Development Index (HDI) is a measure of a country's social and economic development, considering health, education, and income indicators. It provides a more nuanced picture of a nation's well-being than GDP alone. Extensions of the HDI account for gender inequality and deprivation.
Step-by-step explanation:
The Human Development Index (HDI) is a metric used by the United Nations Development Programme (UNDP) to assess the social and economic development levels of countries. It evaluates three core dimensions of human development: a long and healthy life, access to knowledge, and a decent standard of living.
Life expectancy, education level, and gross national income per capita adjusted for purchasing power parity are the specific indicators used for these dimensions. The HDI aims to provide a more comprehensive understanding of development than gross domestic product (GDP) alone can offer.
Additionally, the HDI has been extended to create the Inequality-adjusted Human Development Index (IHDI), which takes into account inequality within countries, and other indices such as the Gender Development Index (GDI) and the Human Poverty Index (HPI), which measure disparities and deprivation respectively.
These various indices are vital for providing insight into the well-being and quality of life in countries around the world and are used to guide policy and understand development challenges.