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The paper analyzes how the UNDP, the World Bank, and the IMF classify countries based on their level of development. These systems are found lacking in clarity with regard to their underlying rationale. The paper argues that a country classification system based on a transparent, data-driven methodology is preferable to one based on judgment or ad hoc rules. Such an alternative methodology is developed and used to construct classification systems using a variety of proxies for development attainment.

Economic development --- Econometric models. --- Developing countries --- Developed countries --- Advanced countries --- Advanced nations --- Developed nations --- Economically advanced countries --- Economically advanced nations --- First World --- Industrial countries --- Industrial nations --- Industrial societies --- Industrialized countries --- Industrialized nations --- Western countries --- Emerging nations --- Fourth World --- Global South --- LDC's --- Least developed countries --- Less developed countries --- Newly industrialized countries --- Newly industrializing countries --- NICs (Newly industrialized countries) --- Third World --- Underdeveloped areas --- Underdeveloped countries --- Banks and Banking --- Foreign Exchange --- Macroeconomics --- International Economics --- Poverty and Homelessness --- Economic Development: General --- Economic Development: Human Resources --- Human Development --- Income Distribution --- Migration --- Personal Income, Wealth, and Their Distributions --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Welfare, Well-Being, and Poverty: General --- International Agreements and Observance --- International Organizations --- Banking --- Poverty & precarity --- International institutions --- Currency --- Foreign exchange --- Personal income --- Poverty --- International organization --- Purchasing power parity --- Income --- Banks and banking --- South Africa