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An empirical approach of the distinctive aspects for socioeconomic development

Silvia Fernandes (Faculty of Economics, University of Algarve, Faro, Portugal)

International Journal of Social Economics

ISSN: 0306-8293

Article publication date: 14 October 2013

358

Abstract

Purpose

This paper aims to present an integrative approach for examining key aspects, and their associations, of economic development.

Design/methodology/approach

After a cross-country cluster analysis of profiles related to select indicators, discriminant analysis of the clusters identified variables that most differentiate them. This assessment acknowledges that their level of capital endowment, and the ability to exploit it, is crucial to economic performance. Intangible aspects are the elements necessary for creation and maintenance of distinct economic development.

Findings

Economies with lower skills and knowledge activities lose governance and cohesiveness, explaining unemployment and inequalities and influencing the consumer-confidence index. Economies with higher confidence use new communication technologies. E-government and knowledge media play an important role since collective learning occurs through active social communication. As the learning environment matures, its elements gain new knowledge and entrepreneurship, valuing cohesiveness and governance.

Originality/value

This study contributes an original integrative approach to indicators for cross-evaluation, applied to economies/regions or firms. The complements between cluster and discriminant analyses consolidate and sustain the approach, helping economists, policymakers, and researchers understand distinctive aspects of economic development and their associations for coping with future economic stress.

Keywords

Citation

Fernandes, S. (2013), "An empirical approach of the distinctive aspects for socioeconomic development", International Journal of Social Economics, Vol. 40 No. 11, pp. 956-970. https://doi.org/10.1108/IJSE-02-2012-0031

Publisher

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Emerald Group Publishing Limited

Copyright © 2013, Emerald Group Publishing Limited

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