Economic Freedom Index Calculation Using FCM

Necati Alp Erilli

Alphanumeric Journal, 2018, vol. 6, issue 1, 93-116

Abstract: The Index of Economic Freedom is an annual index and ranking created by The Heritage Foundation and The Wall Street Journal in 1995 to measure the degree of economic freedom in the world's nations. There are many kinds of Economic Freedom Indices depending on variables which many institute or company determine for their research. The aim is to predict countries or regions according to economic parameters. In this study, fuzzy clustering algorithm is proposed for economic freedom ındex calculation. By using degree of memberships founded by FCM, Economic Freedom index will be calculated for regions. Results compared with indices calculated by The Heritage Foundation for the year 2013, 2014, 2015 and 2016. It is showed that FCM is an alternative method for index calculating systems.

Keywords: Classification; Economic Freedom; FCM; Freedom Index; Fuzzy Clustering Analysis (search for similar items in EconPapers)
JEL-codes: C38 F63 O50 (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:anm:alpnmr:v:6:y:2018:i:1:p:93-116

DOI: 10.17093/alphanumeric.337322

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