NIGERIA'S MISERY INDEX
The Misery Index measures what the social and economic costs for individuals living in a country is, by summing up the rates of inflation and unemployment. Essentially, the Misery Index helps us to understand the hardship situation in a country. The first Misery Index was created by an Economist named Arthur Okun in the 1970s. The Index simply looked at inflation and unemployment variables, and how they contribute to the misery of an individual. This has since been developed by other individuals like Robert Barro and Steve Hanke. My preferred is the index Steve Hanke, an Economist from Johns Hopkins university, built upon in 2011, by adding interest rate, inflation rate and unemployment rate, while subtracting the percentage change in GDP per capita to determine the Misery Index for a country. Misery Index in some ways, measures happiness, which is an important variable in development. It is pretty obvious why that is so, from the constellation of indicators used in the ind...