CHOOSING APPROPRIATE ECONOMIC DEVELOPMENT INDICATORS - A MULTIVARIATE STATISTICAL APPROACH

CHOOSING APPROPRIATE ECONOMIC DEVELOPMENT INDICATORS - A MULTIVARIATE STATISTICAL APPROACH

Economic development of countries is a much discussed topic. Numerous researchers use variety of approaches to measure it, but they all agree that economic development is a multidimensional concept. Most common countries' rankings are based on their GDP. The aim of this paper is to present one...

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Veröffentlicht in:Scientific Bulletin ("Mircea cel Bătrân" Naval Academy) 2015-07, Vol.18 (2), p.344-344
Hauptverfasser: Milenkovic, N, Ðokovic, A, Vukmirovic, D
Format: Artikel
Sprache:eng
Schlagworte:
Economic development
Economic indicators
Economics
Multivariate analysis
Statistical methods
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Zusammenfassung:Economic development of countries is a much discussed topic. Numerous researchers use variety of approaches to measure it, but they all agree that economic development is a multidimensional concept. Most common countries' rankings are based on their GDP. The aim of this paper is to present one synthesized indicator that is able to quantitatively demonstrate any country's economic development. The statistical I-distance method is thoroughly explained and applied to 28 European Union countries. Crucial ranking indicators are also elaborated.
ISSN:1454-864X
2392-8956