A fuzzy approach to economic freedom performance
Abstract This study aims to determine the most important component of economic freedom and to rank the performance of countries using multiple criteria decision‐making tools within the context of fuzzy set theory. To do so, we utilize a combination of fuzzy entropy weighting and fuzzy technique for...
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| Format: | Article |
| Language: | English |
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Wiley
2025-03-01
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| Series: | International Studies of Economics |
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| Online Access: | https://doi.org/10.1002/ise3.92 |
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| _version_ | 1849708168707309568 |
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| author | Muhammed Benli Ahmet Çağlar |
| author_facet | Muhammed Benli Ahmet Çağlar |
| author_sort | Muhammed Benli |
| collection | DOAJ |
| description | Abstract This study aims to determine the most important component of economic freedom and to rank the performance of countries using multiple criteria decision‐making tools within the context of fuzzy set theory. To do so, we utilize a combination of fuzzy entropy weighting and fuzzy technique for order of preference by similarity to ideal solution (TOPSIS) methods to assess the economic freedom performance of 122 countries for the period 2000–2020. The findings suggest that the stability and reliability of a country's monetary system is the most crucial attribute for economic freedom performance. This implies that a stable and reliable monetary system is considered a fundamental aspect of economic freedom. Based on the TOPSIS analysis, the top 10 best‐performing countries/regions in terms of economic freedom are Hong Kong, Singapore, Switzerland, New Zealand, the United States, the United Kingdom, Australia, Canada, Denmark, and Ireland. On the other hand, Venezuela, Myanmar, Congo Republic, Algeria, Syrian Arab Republic, Congo Democratic Republic, Zimbabwe, Central African Republic, Chad, and Iran are the worst‐performing countries. |
| format | Article |
| id | doaj-art-b5e0081141b64230a704fa0cd41af5a0 |
| institution | DOAJ |
| issn | 2831-3224 |
| language | English |
| publishDate | 2025-03-01 |
| publisher | Wiley |
| record_format | Article |
| series | International Studies of Economics |
| spelling | doaj-art-b5e0081141b64230a704fa0cd41af5a02025-08-20T03:15:44ZengWileyInternational Studies of Economics2831-32242025-03-01201436810.1002/ise3.92A fuzzy approach to economic freedom performanceMuhammed Benli0Ahmet Çağlar1Department of Economics Bilecik Seyh Edebali University Bilecik TurkeyInstitute of Postgraduate Education Bilecik Seyh Edebali University Bilecik TurkeyAbstract This study aims to determine the most important component of economic freedom and to rank the performance of countries using multiple criteria decision‐making tools within the context of fuzzy set theory. To do so, we utilize a combination of fuzzy entropy weighting and fuzzy technique for order of preference by similarity to ideal solution (TOPSIS) methods to assess the economic freedom performance of 122 countries for the period 2000–2020. The findings suggest that the stability and reliability of a country's monetary system is the most crucial attribute for economic freedom performance. This implies that a stable and reliable monetary system is considered a fundamental aspect of economic freedom. Based on the TOPSIS analysis, the top 10 best‐performing countries/regions in terms of economic freedom are Hong Kong, Singapore, Switzerland, New Zealand, the United States, the United Kingdom, Australia, Canada, Denmark, and Ireland. On the other hand, Venezuela, Myanmar, Congo Republic, Algeria, Syrian Arab Republic, Congo Democratic Republic, Zimbabwe, Central African Republic, Chad, and Iran are the worst‐performing countries.https://doi.org/10.1002/ise3.92economic freedomentropyfuzzy set theoryTOPSIS |
| spellingShingle | Muhammed Benli Ahmet Çağlar A fuzzy approach to economic freedom performance International Studies of Economics economic freedom entropy fuzzy set theory TOPSIS |
| title | A fuzzy approach to economic freedom performance |
| title_full | A fuzzy approach to economic freedom performance |
| title_fullStr | A fuzzy approach to economic freedom performance |
| title_full_unstemmed | A fuzzy approach to economic freedom performance |
| title_short | A fuzzy approach to economic freedom performance |
| title_sort | fuzzy approach to economic freedom performance |
| topic | economic freedom entropy fuzzy set theory TOPSIS |
| url | https://doi.org/10.1002/ise3.92 |
| work_keys_str_mv | AT muhammedbenli afuzzyapproachtoeconomicfreedomperformance AT ahmetcaglar afuzzyapproachtoeconomicfreedomperformance AT muhammedbenli fuzzyapproachtoeconomicfreedomperformance AT ahmetcaglar fuzzyapproachtoeconomicfreedomperformance |