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Economic Indicators And Human Development Index

Author

Listed:
  • Ana-Maria Mihaela Iordache

    (Romanian-American University, Bucharest, Romania)

  • Ionela-Cătălina Zamfir

    (Bucharest University of Economic Studies, Bucharest, Romania)

Abstract

Human Development Index (HDI) is a very interesting index that may show the development level of a country. A country that has a big HDI index and great life expectancy at birth should be a country with a developed economy, low unemployment rates, good import and export indicators and business-favorable economic environment. The main hypothesis tested in this paper is if there is a relation between HDI index and other type of mentioned indicators. Starting from the idea that in a cybernetic system, there is interdependence between all the events that take place. There are two types of analyses used to reduce the size of 22 variables from the dataset, while K-means and Ward's are used to classify the observations in four classes. A confusion matrix calculated between new classes (K-means algorithm) and known classes (from HDI index) confirm the tested hypothesis, with a certain "accuracy rate".

Suggested Citation

  • Ana-Maria Mihaela Iordache & Ionela-Cătălina Zamfir, 2018. "Economic Indicators And Human Development Index," Journal of Information Systems & Operations Management, Romanian-American University, vol. 12(2), pages 281-291, December.
    • Handle: RePEc:rau:jisomg:v:12:y:2018:i:2:p:281-291
    DOI: 10.5281/zenodo.21826468
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    References listed on IDEAS

    as
    1. Alvaro Montenegro, 2004. "An Economic Development Index," Development and Comp Systems 0404010, University Library of Munich, Germany.
    2. Basudeb Biswas & Frank Caliendo, 2002. "A Multivariate Analysis of the Human Development Index," Working Papers 2002-11, Utah State University, Department of Economics.
    3. Gustav Ranis & Frances Stewart & Emma Samman, 2006. "Human Development: Beyond the Human Development Index," Journal of Human Development and Capabilities, Taylor & Francis Journals, vol. 7(3), pages 323-358.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

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    JEL classification:

    • C38 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Classification Methdos; Cluster Analysis; Principal Components; Factor Analysis
    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration

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