Time Distance in Economics and Statistics – New Insights from Existing Data
Time distance is an innovative approach for looking at time-series data. It uses two generic statistical measures, S-time-distance and S-time-step to complement existing methods. Expressed in time units are easy to understand by policymakers, professionals, managers, media and the general public; they can be compared across variables, fields of concern, and units of comparison.
The broader conceptual and analytical framework defines the concept of the ‘overall degree of disparity’ combining static and time distance measures of disparity with the potential to bring new understanding in economics, management, research and statistics.
Empirical applications deal with the overview of time distance disparities in the world, OECD countries, selected EU countries, regional disparities, transition depression in historical perspective, ICT and digital divide, and monitoring implementation of UN Millennium Development Goals and Lisbon strategy in the EU.
Comments on time distance
„The usual metrics for comparing two lines involves differences along the vertical axis. This can be a poor way of measuring how these trends vary in terms of time, which is on the horizontal axis.“ … „Sicherl's several works have presented a non-technical discussion of the theory of time-distance.“ … „Observed time distance is a dynamic measure of temporal disparity between the two series, intuitively clear, readily measurable, and in transparent units which are comparable across a pairing of indicators and indicated variables. It is suggested that one should complement conventional vertical measures with horizontal measures.“ (Granger and Jeon 1997)
C.W.J. Granger / Y. Jeon, University of California at San Diego
„Time distance is a generic concept. That means that, as it has been the case e.g. with spreadsheet, one cannot in advance specify all the uses to which a generic framework can be put by imaginative users in numerous fields.“
J. Backhouse, Information Science Department, London School of Economics