Using Principal Components to Produce an Economic and Social Development Index: An Application to Latin America and U.S. States
AbstractThis paper presents a principal components methodology (based on Ram (1982) and Srinivasan (1994)) for determining the weights for a set of indicators in a composite index of development. The procedure is applied to a 36 variable data set consisting of 1990 data for 19 Latin American countries and corresponding 1990 and 1960 data for the individual U. S. states. GDP is excluded from the index. The paper compares the results to other well-known indices, and uses the combined data set to better understand the level and scope of development in each region and over time.
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Bibliographic InfoPaper provided by College of the Holy Cross, Department of Economics in its series Working Papers with number 0002.
Length: 19 pages
Date of creation: Jun 2000
Date of revision:
Publication status: Published in Atlantic Economic Journal, September 2001, Vol. 29:3, pp. 311-329.
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Human Development Index;
Find related papers by JEL classification:
- O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
- O15 - Economic Development, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
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