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Multiple Linear Regression Equation for Economic Dimension of Standard of Living

Author

Listed:
  • Nicoleta Mihaela Florea

    (University of Craiova Faculty of Economics and Business Administration)

  • Georgeta Madalina Meghisan

    (University of Craiova Faculty of Economics and Business Administration, Craiova Scientific Researcher III, Romanian Academy)

  • Cristina Nistor

    (University of Craiova Faculty of Economics and Business Administration)

Abstract

The purpose of this analysis is to determine the signification of the following factors: population, population density and inflation rate to the measurement of the standard of living. The analysis takes into consideration demographic and economic data for a number of 10 EU member states. After calculating the standard of living in these countries, we analysed the impact of the mentioned factors using a multiple linear regression equation. We concluded that a part of the variation of the standard of living depends on the evolution of the three variables taken into consideration in the analysis.The standard of living of a population assesses the economic dimension of a country and the quality of life for a population.

Suggested Citation

  • Nicoleta Mihaela Florea & Georgeta Madalina Meghisan & Cristina Nistor, 2016. "Multiple Linear Regression Equation for Economic Dimension of Standard of Living," Finante - provocarile viitorului (Finance - Challenges of the Future), University of Craiova, Faculty of Economics and Business Administration, vol. 1(18), pages 103-108, November.
  • Handle: RePEc:aio:fpvfcf:v:1:y:2016:i:18:p:103-108
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    File URL: http://feaa.ucv.ro/FPV/018-011.pdf
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    References listed on IDEAS

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    1. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-1037, October.
    2. Wolff, Edward N, 1991. "Capital Formation and Productivity Convergence over the Long Term," American Economic Review, American Economic Association, vol. 81(3), pages 565-579, June.
    3. N. Gregory Mankiw & David Romer & David N. Weil, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 107(2), pages 407-437.
    4. Cooper, Russel J. & McLaren, Keith R. & Rehman, Fahd & Szewczyk, Wojciech A., 2015. "Economic welfare evaluation in an era of rapid technological change," Economics Letters, Elsevier, vol. 131(C), pages 38-40.
    5. Evans, Paul & Karras, Georgios, 1993. "Do standards of living converge? : Some cross-country evidence," Economics Letters, Elsevier, vol. 43(2), pages 149-155.
    6. Ravallion, Martin, 1994. "Poverty rankings using noisy data on living standards," Economics Letters, Elsevier, vol. 45(4), pages 481-485, August.
    7. Deaton, Angus S & Muellbauer, John, 1980. "An Almost Ideal Demand System," American Economic Review, American Economic Association, vol. 70(3), pages 312-326, June.
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    Cited by:

    1. Ramona Pîrvu & Cristian Drăgan & Gheorghe Axinte & Sorin Dinulescu & Mihaela Lupăncescu & Andra Găină, 2019. "The Impact of the Implementation of Cohesion Policy on the Sustainable Development of EU Countries," Sustainability, MDPI, Open Access Journal, vol. 11(15), pages 1-1, August.

    More about this item

    Keywords

    living standard; European Union; inflation; population density; population; multiple linear regression equation;

    JEL classification:

    • C2 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables
    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles

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