• Story Name: U.S. Economic Development
  • Story Topics: Economics,
  • Datafile Name: OECD Economic Development
  • Methods: Assumptions, Regression, Outlier, T-test, Boxplot, Diagnostics, Multivariate Regression,
  • Abstract:

    The Datafile OECD Economic Develpment  contains per capita income (PCINC)
    and the percentage of the labor force employed in agriculture (AGR) for 20 European
    OECD countries in 1960. Below are the same variables for the United States by 
    decades with PCINC adjusted to 1960 purchasing power.

            Year     PCINC     AGR          Year     PCINC     AGR
    
             1870    $  340        47            1920   $ 1050       24
             1880        499        47            1930      1170       22
             1890        592        40            1940      1364       19 
             1900        757        35            1950      1836       12
             1910        927        28            1960      2132         8
    
    J. Singleman, From Agriculture to Services, Sage, 1978

    Add the AGR values above to the AGR values in the OECD Economic Development file and set asterisks in the corresponding rows for PCINC. Re-running an appropriate regression for the European countries and calling for residuals will produce residuals for the United States from the 1960 European relationship. Examining these residuals stimulates commentary about comparative economic development in the United States.

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