An approach to the index of economic freedom using the data mining technique in the economic environment context

Ionuț Nica
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Ionuț Nica: Bucharest University of Economic Studies, Romania

Theoretical and Applied Economics, 2020, vol. XXVII, issue 2(623), Summer, 131-146

Abstract: Economics, at the macroeconomic level, can be viewed as a complex dynamic system consisting of a multitude of subsystems linked together by direct and indirect connections of different types. This dynamic system forms an economic cybernetic network composed from these subsystems, which evolves according to the economic environment and its own objectives, which are conditioned by the achievement of a general common objective. One of the most important indices that could characterize the economic environment for all countries is the Economic Freedom Index and it is very important to be taken into account by companies that want to be active in international market. In this article we analyzed the Index of Economic Freedom, divided into four subcategories: the rule of law, the size of the government, the efficiency of the regulations and the opening of the market. The analysis was performed on a set of data extracted for the year 2019 corresponding to 174 countries. Also, with the R software solution, I will apply multidimensional data analysis techniques to perform the proposed research.

Keywords: economic freedom; R; data mining; cybernetics approach; dynamic system; classification. (search for similar items in EconPapers)
Date: 2020
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