Economic Freedom Index Calculation Using FCM
Open Access
- 26 June 2018
- journal article
- Published by Alphanumeric Journal in Alphanumeric Journal
- Vol. 6 (1), 93-116
- https://doi.org/10.17093/alphanumeric.337322
Abstract
The Index of Economic Freedom is an annual index and ranking created by The Heritage Foundation and The Wall Street Journal in 1995 to measure the degree of economic freedom in the world's nations. There are many kinds of Economic Freedom Indices depending on variables which many institute or company determine for their research. The aim is to predict countries or regions according to economic parameters. In this study, fuzzy clustering algorithm is proposed for economic freedom ındex calculation. By using degree of memberships founded by FCM, Economic Freedom index will be calculated for regions. Results compared with indices calculated by The Heritage Foundation for the year 2013, 2014, 2015 and 2016. It is showed that FCM is an alternative method for index calculating systems.Keywords
This publication has 19 references indexed in Scilit:
- Determining the most proper number of cluster in fuzzy clustering by using artificial neural networksExpert Systems with Applications, 2011
- Corruption, Democracy, Economic Freedom, and State StrengthInternational Journal of Comparative Sociology, 2005
- On the relationship between economic freedom and economic growthEuropean Journal of Political Economy, 2000
- Culture, freedom and economic growth: Do cultural values explain economic growth?Journal of World Business, 1999
- Membership functions in the fuzzy C-means algorithmFuzzy Sets and Systems, 1999
- A new cluster validity index for the fuzzy c-meanPattern Recognition Letters, 1998
- Cluster validity index for fuzzy clusteringElectronics Letters, 1998
- Outward-Oriented Developing Economies Really Do Grow More Rapidly: Evidence from 95 LDCs, 1976-1985Economic Development and Cultural Change, 1992
- A validity measure for fuzzy clusteringIEEE Transactions on Pattern Analysis and Machine Intelligence, 1991
- Cluster Validity with Fuzzy SetsJournal of Cybernetics, 1973