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Exploring Economic Development Trends Through Entropy Analysis

In: Proceedings of the 2023 International Conference on Management Innovation and Economy Development (MIED 2023)

Author

Listed:
  • Zhengjie Zang

    (Monash University, Department of Business and Management)

Abstract

This paper aims to explore the economic development trends by analyzing the potential information contained in entropy values. The study focuses on three industries and examines the timeline of entropy values to understand their development patterns. Initially, the GDP data of subsectors within the three industries are selected as the research objects. Entropy values for the GDP of these subsectors are then calculated for all available years, resulting in a time series of entropy values. The paper proceeds by analyzing the patterns of entropy values within a given year across different subsectors and within a given subsector across different years. The obtained results indicate the effectiveness of national economic policies, the narrowing differences within the first industry across regions, reflecting the determination to build a robust agricultural nation, and the increasing market competition in other industries. Additionally, the financial industry and wholesale and retail trade exhibit the highest market levels, indicating the continuous formation of strongholds in these two sectors.

Suggested Citation

  • Zhengjie Zang, 2024. "Exploring Economic Development Trends Through Entropy Analysis," Advances in Economics, Business and Management Research, in: Luiz Moutinho & Carlos Flavian & Rita Yi Man Li & Qiwei Zhou (ed.), Proceedings of the 2023 International Conference on Management Innovation and Economy Development (MIED 2023), pages 123-130, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-260-6_16
    DOI: 10.2991/978-94-6463-260-6_16
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