Social Progress Component and Indicators: A Principal Component Analysis

Economic growth has brought hundreds of millions of people out of poverty and improved the lives of many more in the last half-century. A society that fails to address basic human needs, imbues citizens to improve their quality of life, helps protect the environment and provides an opportunity for many of its citizens is ineffective. The Social Progress Index provides a practical tool for government and business leaders to benchmark country performance and to prioritize those areas where social improvement is most needed. It is the most comprehensive framework developed to measure social progress and the first to measure social progress independently of GDP. Thus, from an ideal point of view, the index of social progress should reflect GDP. The main variables identified in the system show the various inter-relationships that exist between them. The aim of this paper is to identify the key social progress indicators of the selected countries for the year 2018, which has a leading social progress index. Measuring social progress ahead of long-established economic measures such as Basic Human Needs reveals that some of the country’s social progress index of life is building up internationally but wear off in personal rights. Hence, Social progress consequently continues to call for the renouncement of personal rights. You should bestow your personal rights to the great benefit of the wider public.