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The Implementation Of Synthetic Variable For Constructing The Standard Of Living Measure In European Union Countries

Author

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  • Marta Kuc

    (Nicolaus Copernicus University)

Abstract

This paper proposes the use of synthetic variable to examine differences in the standard of living in the EU countries. The synthetic variable allows to replace the whole set of variables into one aggregated variable. This variable is the basis for organizing and grouping countries in terms of standard of living. The subject of empirical analysis are 24 member states of the European Union in 1995-2010. The analysis of synthetic variable reveals that there are significant disparities between countries in the field of overall socio-economic development. The analysis show favorable situation in Ireland and very unfavorable conditions in Romania, Bulgaria and the Baltic countries.

Suggested Citation

  • Marta Kuc, 2012. "The Implementation Of Synthetic Variable For Constructing The Standard Of Living Measure In European Union Countries," Oeconomia Copernicana, Institute of Economic Research, vol. 3(3), pages 5-19, September.
    • Handle: RePEc:pes:ieroec:v:3:y:2012:i:3:p:5-19
    DOI: 10.12775/OeC.2012.012
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    Cited by:

    1. Barbara Fura & Qingfang Wang, 2017. "The level of socioeconomic development of EU countries and the state of ISO 14001 certification," Quality & Quantity: International Journal of Methodology, Springer, vol. 51(1), pages 103-119, January.

    More about this item

    Keywords

    standard of living; synthetic variable; taxonomy methods; comparative analysis;
    All these keywords.

    JEL classification:

    • C38 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Classification Methdos; Cluster Analysis; Principal Components; Factor Analysis

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