The research of socio-economic development in the european union countries with an application of the modified HDI indicator

The aim of this paper will be the presentation of an alternative, a deeper one compared to the popular measure of the standard of living, which is HDI, a measure of the socio-economic development of residents of the European Union. In this article the synthetic index of the socioeconomic development of the European Union countries will be presented. It will be calculated through the use of the following determinants: ‘Economy and Finance’, ‘Science and Technology’, ‘Health’, ‘Education’ and ‘Living Condition’. This index of the socio-economic development of residents of the European Union countries will be created as an arithmetic mean of indicators counted for particular determinants. The index, which will be created, is treated as a modified Human Development Index due to the fact that it will be completed with the added information.