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Using Principal Components to Produce an Economic and Social Development Index: An Application to Latin America and U.S. States

Author

Listed:
  • Miles Cahill

    () (Department of Economics, College of the Holy Cross)

  • Nicolas Sanchez

    () (Department of Economics, College of the Holy Cross)

Abstract

This 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.

Suggested Citation

  • Miles Cahill & Nicolas Sanchez, 2000. "Using Principal Components to Produce an Economic and Social Development Index: An Application to Latin America and U.S. States," Working Papers 0002, College of the Holy Cross, Department of Economics.
  • Handle: RePEc:hcx:wpaper:0002
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    More about this item

    Keywords

    Human Development Index;

    JEL classification:

    • 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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