How do you think we can measure development?

I think we can measure development by finding out the key statistics of each country, for example: Literacy Rate, Birth Rate, Death Rate, GDP per capita etc. etc. and compare it with other countries and track its own development year by year. With this information, we can find out whether it is a LEDC, MEDC or NIC because every key statistic will determine whether it fits the role of a MEDC, LEDC or a NIC.