Identifying the need for an indicator to quantify an economic system’s efforts to be efficient: A State-of-the-Art Analysis

A. Elizondo-Noriega, N. Tiruvengadam, D. Güemes-Castorena, V. G. Tercero-Gómez, M. G. Beruvides

Research output: Chapter in Book/Report/Conference proceedingConference contributionpeer-review

1 Scopus citations

Abstract

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.

Original languageEnglish
Title of host publicationIISE Annual Conference and Expo 2019
PublisherInstitute of Industrial and Systems Engineers, IISE
ISBN (Electronic)9781713814092
StatePublished - 2019
Event2019 Institute of Industrial and Systems Engineers Annual Conference and Expo, IISE 2019 - Orlando, United States
Duration: May 18 2019May 21 2019

Publication series

NameIISE Annual Conference and Expo 2019

Conference

Conference2019 Institute of Industrial and Systems Engineers Annual Conference and Expo, IISE 2019
Country/TerritoryUnited States
CityOrlando
Period05/18/1905/21/19

Keywords

  • Business cycle
  • Economic performance indicator
  • Nonparametric techniques
  • Review of the literature

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