Defining and measuring the development of a country over time: a proposal of a new index
This paper introduces the concept of harmonic growth as an extended acceptation of the notion of development, and discusses its measurement via the Harmonic Growth Index (HGI). The growth is seen as harmonic when the behaviour of a benchmark time series, which here is a measure of wealth, such as per capita GDP, is followed by a similar pattern in socio-economic series. Unlike most widely used indicators in the literature, which take into account the measurement of development over a single time, HGI measures the degree to which a social indicator’s time series pattern matches with the GDP’s. The index is a function, ranging in [0, 1], of the coefficients of the uniform B-splines fitted to each time series, according to the functional data framework. A case study on Mediterranean welfare countries (Greece, Italy, Portugal, and Spain), in the period 1996–2007, shows critical differences in the selected indicators which can be ascribed to their dissimilar specific development models. HGI can be also considered as a general index to measure the similarity between time patterns, or as an alternative to correlation for (non-necessarily linear) time series. Copyright Springer Science+Business Media B.V. 2013
Volume (Year): 47 (2013)
Issue (Month): 5 (August)
|Contact details of provider:|| Web page: http://www.springer.com/economics/journal/11135|
|Order Information:||Web: http://link.springer.de/orders.htm|
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Robert Smith, 2009. "Global human development: accounting for its regional disparities," Quality & Quantity: International Journal of Methodology, Springer, vol. 43(1), pages 1-34, January.
- C. Abraham & P. A. Cornillon & E. Matzner-Løber & N. Molinari, 2003. "Unsupervised Curve Clustering using B-Splines," Scandinavian Journal of Statistics, Danish Society for Theoretical Statistics;Finnish Statistical Society;Norwegian Statistical Association;Swedish Statistical Association, vol. 30(3), pages 581-595.
- Alan Krueger & Mikael Lindahl, 2000.
"Education for Growth: Why and For Whom?,"
808, Princeton University, Department of Economics, Industrial Relations Section..
- Richard Estes, 2005. "Quality of Life in Hong Kong: Past Accomplishments And Future Prospects," Social Indicators Research, Springer, vol. 71(1), pages 183-229, 03.
- Ravallion, Martin & Shaohua Chen, 2001.
"Measuring pro-poor growth,"
Policy Research Working Paper Series
2666, The World Bank.
- Edward S. Knotek & II, 2007. "How useful is Okun's law?," Economic Review, Federal Reserve Bank of Kansas City, issue Q IV, pages 73-103.
- Dreze, Jean & Sen, Amartya, 2002. "India: Development and Participation," OUP Catalogue, Oxford University Press, edition 2, number 9780199257492, March.
- Kraay, Aart, 2006. "When is growth pro-poor? Evidence from a panel of countries," Journal of Development Economics, Elsevier, vol. 80(1), pages 198-227, June.
- Severine Deneulin, 2005. "Promoting Human Freedoms under Conditions of Inequalities: a procedural framework," Journal of Human Development and Capabilities, Taylor & Francis Journals, vol. 6(1), pages 75-95.
- Billger, Sherrilyn M. & Goel, Rajeev K., 2009. "Do existing corruption levels matter in controlling corruption?: Cross-country quantile regression estimates," Journal of Development Economics, Elsevier, vol. 90(2), pages 299-305, November.
- Rudolf Andorka, 1979. "Tendencies of regional development and differentiation in Hungary, measured by social indicators," Quality & Quantity: International Journal of Methodology, Springer, vol. 13(5), pages 365-391, October.
- Sen, Amartya, 1995. "Inequality Reexamined," OUP Catalogue, Oxford University Press, number 9780198289289, March.
When requesting a correction, please mention this item's handle: RePEc:spr:qualqt:v:47:y:2013:i:5:p:2473-2494. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Guenther Eichhorn)or (Christopher F Baum)
If references are entirely missing, you can add them using this form.