http://siteresources.worldbank.org/INTABCDEWASHINGTON2001/Resources/philipson.pdf

A full income measure of human development may take into account such non-monetary aspects of development but nevertheless measures the value of those in monetary terms. Drawing on recent methodology for assessing the value of longevity gains on the national level, they compare internationally the Human Development Index (HDI) to full income measures incorporating the longevity observed worldwide, in the period 1962-97. They argue that the HDI may be difficult to use for assessing progress in development. However, it may accurately rank countries in an ordinal fashion because many aspects of human development it adds to income are very correlated with income, making weighting of those aspects less important.