Can the WEKA Data Mining Tool be Used in Developing an Economic Growth Model?

Zahid B Zamir

doi:10.31966/jabminternational.v30i2.919

Zahid B Zamir Delaware State University

DOI: https://doi.org/10.31966/jabminternational.v30i2.919

Abstract

WEKA is a free and open source software program that is written in JAVA™ language and contains GUI for interacting with data files and produces visual results. Although conventional economic theories assert that inflation and economic growth are negatively related, researchers found throughout the last 5 decades using different models and datasets, in favor and against that conventional beliefs. To help predict the expected economic growth or Inflation using 7 attributes such as: war, totch, pssurp, drelief, inflation, invsh, and growth found in the World Bank dataset (link was provided above), three models/algorithms and 2 testing options were used to find out the best model for decision support. As far as the Correlation Coefficient or measurement of how well the predicted values from a forecast model "fit" with the real-life data is concerned, Linear regression algorithm seems to predict the expected growth much better than other two algorithms in this study namely ZeroR and REPTree using both 10 fold cross validation as well as 75 percentage split test options.

Downloads

Download data is not yet available.

References

Burdekin, Richard C.K. (2004). When does inflation hurt economic growth? Different nonlinearities for different economies. Journal of Macroeconomics, v26,n23 (September 2004): 519-532.
Fabayo, Joseph A., Ajilore,Olubanjo T. (2006). Inflation: How much is too much for economic growth in Nigeria. Indian Economic Review, v41,n2 (July-December 2006): 129-147.
Fernandez, Valdovinos., Carlos, G. (2003). Inflation and economic growth in the long run. Economics Letters,v80,n2 (August 2003): 167-173.
Jin, Yi. (2009). A note on Inflation, Economic growth and Income inequality. Macroeconomic Dynamics, v13,n1 (February 2009): 138-147.
Krugman,Paul., Wells, Robin. (2014). Economics. New York, NY, USA. Worth Publishers.
Malik, Girijasankar., Chowdhury, Anis. (2001). Inflation and Economic growth : Evidence from four south Asian countries. Asia-Pacific Development Journal, v8,n1 (June 2001): 123-135.
Mallick, Hrushikesh. (2008). Inflation and Growth Dynamics: The Indian Experience. Journal of Economic Policy Reform, v11,n3(September 2008): 163-172.
Mankiw, N Gregory. (2018). Principles of Economics, 4th edition. Mason, Ohio, USA. Thomson South- Western.
Pollin, Robert.,Zhu, Andong. (2006). Inflation and Economic Growth : A Cross-country Nonlinear Analysis. Journal of Post Keynesian Economics, v28,n4 (Summer 2006): 593-614.
Saaed, Afaf A.J. (2007). Inflation and economic growth in Kuwait: 1985-2005 Evidence from co-integration and error correction model. Applied Econometrics and International Development, v7,n1 (January-June 2007): 143-150.