What is a straight-out definition of "vertical economy?

Don't you think the definition of a 'Developing Economy' as given by the United Nations is extremely narrow?

  • I mean, it is given on the basis of Per Capita Income. Is that the only index to measure the development level of an economy? Why are countries labelled as 'Developing" just ...show more

  • Answer:

    The "per capita income" can be calculated from real GDP or GNP(with PPP method). So, it's quite adequate to reflect the "level" of developing countries in comparison with others.

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