Fundamentals of Economic Diagnostics and Modeling in Assessing the Development of the Economy

Abstract

This requires quantitative assessment of various aspects of the situation. Quantitative recording of economic indicators will determine how well they meet these criteria. Hence, economic diagnostics is based on a model expressed in quantities. At the same time, the quantitative data obtained should be explored in meaning. Therefore, the diagnostic model is of analytical nature. Generally, economic diagnostics is based on a model that is based on quantitative evaluation and content analysis. Diagnostics is performed using direct statistical data and sophisticated methods of economic analysis without direct access to the system. Economic diagnostics assesses how much inflow flows into outputs or how efficiently the resources are involved. Economic diagnostics is based on the use of indirect measurements, and it defines modeling techniques.