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State Economic Strength and Some Methodological Issues on Its Assessment

Author

Listed:
  • Gwang-Nam Rim

    (Kim Il Sung University)

  • Sun-Nam Jang

    (Kim Il Sung University)

  • Chol-Ju An

    (Kim Il Sung University)

  • Sun-Hui Hwang

    (Kim Il Sung University)

  • Son-Hui Ri

    (Kim Il Sung University)

Abstract

At present, many international organizations and scholars, who are aimed to compare and assess country-specific economy or competitiveness, have set different standards and indicators and tried to assess the economic strength of individual country. But most of these standards and indicators are for the assessment of individual aspects and what is worse, they are not suitable for the real situation of the countries concerned. This paper deals with methodological issues on the assessment of state economic strength. To this end, authors investigate the preceding studies on the assessment of economy of a given country, conceptualize the state economic strength, set a new system of indicators for assessing it and on this basis, produce a methodology for the synthetic assessment of state economic strength. The findings are that state economic strength must be defined in a view of economic capability which any country can exhibit by itself even under uncertain external environment, the indicators for assessing it include a variety of indicators in line with its essence, and assessment methodology must be synthetic one based on considering the weights of indicators. These findings may help, on the one hand, in assessing the economy of a given country and taking an economic and technical measures for its strengthening for policymakers, and on the other hand, in comparing and assessing the country-specific economy for organizations or scholars in a new perspective.

Suggested Citation

  • Gwang-Nam Rim & Sun-Nam Jang & Chol-Ju An & Sun-Hui Hwang & Son-Hui Ri, 2020. "State Economic Strength and Some Methodological Issues on Its Assessment," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 152(2), pages 607-636, November.
    • Handle: RePEc:spr:soinre:v:152:y:2020:i:2:d:10.1007_s11205-020-02459-9
    DOI: 10.1007/s11205-020-02459-9
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    References listed on IDEAS

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    1. Graham Mallard, 2012. "Modelling Cognitively Bounded Rationality: An Evaluative Taxonomy," Journal of Economic Surveys, Wiley Blackwell, vol. 26(4), pages 674-704, September.
    2. Alla Starostina & Emiliya Prushkivska, 2013. "Economic Content Of The National Economy Definition And Its Structure In Conditions Of Economic Instability," Ukrainian Journal Ekonomist, Yuriy Kovalenko, issue 6, pages 29-32, June.
    3. Gwang-Nam Rim & Gang-Sok Kim & Sun-Hui Hwang & Un-Dok Ko, 2019. "Some Problems in Statistically Assessing the Level of Knowledge Economy," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 10(3), pages 974-996, September.
    4. Li, Baibing & Martin, Elaine B. & Morris, A. Julian, 2002. "On principal component analysis in L1," Computational Statistics & Data Analysis, Elsevier, vol. 40(3), pages 471-474, September.
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    Cited by:

    1. Jinhui Li & Gwang-Nam Rim & Chol-Ju An, 2023. "Comparative Study of Knowledge-Based Economic Strength Between China and the USA," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 14(4), pages 4256-4292, December.
    2. Jin Xijie & Gwang-Nam Rim & Chol-Ju An, 2023. "Some Methodological Issues in Assessing the Efforts for the Circular Economy by Region or Country," SAGE Open, , vol. 13(3), pages 21582440231, July.

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