TY - GEN
T1 - Identifying the need for an indicator to quantify an economic system’s efforts to be efficient
AU - Elizondo-Noriega, A.
AU - Tiruvengadam, N.
AU - Güemes-Castorena, D.
AU - Tercero-Gómez, V. G.
AU - Beruvides, M. G.
N1 - Publisher Copyright:
© 2019 IISE Annual Conference and Expo 2019. All rights reserved.
PY - 2019
Y1 - 2019
N2 - While the comprehension of an economic system has improved over the years, there is still much to be learned about hidden phenomena that shape a country’s economic performance. A plethora of leading, lagging, and coincident type economic indexes are now available in the econometric toolbox that fulfill several traditional economic requirements like measuring economic growth, inflation, and unemployment. In addition, there are recently developed indexes that are designed to measure the hitherto unaddressed dimensions of an economy like quality of life. However, there is a paucity still of indexes that measure how efficient a country’s overall efforts toward creating value through the transformation of supplies into consumable products are. To explore this void in the econometric literature, a systematic literature review is performed based on a widely used methodology known as the ‘State-of-the-Art Matrix’ (SAM). The SAM results confirm the presence of such a lacuna in the economic literature. Also, the current study identifies a combination of two widely used techniques in economics (DEA and Markov Chains) as apposite approaches to address such an identified problem. Finally, two new and distinct indexes are theoretically discussed as the focus of future research.
AB - While the comprehension of an economic system has improved over the years, there is still much to be learned about hidden phenomena that shape a country’s economic performance. A plethora of leading, lagging, and coincident type economic indexes are now available in the econometric toolbox that fulfill several traditional economic requirements like measuring economic growth, inflation, and unemployment. In addition, there are recently developed indexes that are designed to measure the hitherto unaddressed dimensions of an economy like quality of life. However, there is a paucity still of indexes that measure how efficient a country’s overall efforts toward creating value through the transformation of supplies into consumable products are. To explore this void in the econometric literature, a systematic literature review is performed based on a widely used methodology known as the ‘State-of-the-Art Matrix’ (SAM). The SAM results confirm the presence of such a lacuna in the economic literature. Also, the current study identifies a combination of two widely used techniques in economics (DEA and Markov Chains) as apposite approaches to address such an identified problem. Finally, two new and distinct indexes are theoretically discussed as the focus of future research.
KW - Business cycle
KW - Economic performance indicator
KW - Nonparametric techniques
KW - Review of the literature
UR - http://www.scopus.com/inward/record.url?scp=85075751013&partnerID=8YFLogxK
M3 - Conference contribution
AN - SCOPUS:85075751013
T3 - IISE Annual Conference and Expo 2019
BT - IISE Annual Conference and Expo 2019
PB - Institute of Industrial and Systems Engineers, IISE
Y2 - 18 May 2019 through 21 May 2019
ER -