What are the components of the Gender Inequality Index? Why is such an index use

Question

What are the components of the Gender Inequality Index? Why is such an index useful and what are its shortcomings? Why is the United States ranked so low as compared to other developed nations? How does economic analysis contribute to the understanding of "non-economic" questions? In other words, according to economics, what is the underlying framework to all choices that we make, whether directly related to traditional economic variables or not? What are we ultimately trying to maximize? What is positive economics and normative economics? Give an example of a positive statement, and an example of a normative statement.

Explanation / Answer

Q.1. Gender inequality index measures the gender disparity in an economy. The three main components of GII are as follows:

Major shortcomings of GII are as follows:

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