Is social justice the superior economic growth model? Comparative analysis on G20 countries

Figures & data

Table 1. The system of economic growth and social justice indicators

Value goal	Dimension	Indicators	Variable	Characteristics	Source
Economic growth	Economic strength	GDP per capita	Y1	Objective; Positive	World Bank, World Development Indicators
	Economic vitality	Global Competitiveness Index (GCI)	Y2	Objective and Subjective; Positive	World Economic Forum
Social justice	Justice in rights	Human Rights (HR)	X1	Subjective; Negative	The Fund for Peace, Fragile States Index
		Gender Gap Index (GGI)	X2	Objective and Subjective; Positive	World Economic Forum
	Justice in property	Economic Inequity (EI)	X3	Subjective; Negative	Transparency International
		Economic Freedom Index (EFI)	X4	Objective and Subjective; Positive	The Heritage Foundation
	Justice in rules	Corruption Perception Index (CPI)	X5	Subjective; Positive	Transparency International
		Democracy Index (DI)	X6	Subjective; Positive	The Economist Intelligence Unit

Figure 1. Comparison of social justice and economic growth

(a)social justice; (b) economic growth

Figure 2. Plot of social justice and economic growth with G20, 2016

Table 2. Unit root test of X

Methods	Unit root	Statistics	Prob.^a	Cross-sections	Obs.
Null: Unit root (assumed common unit root process)
Levin, Lin & Chu t	Level	−8.35928	0.0000	43	415
	1st difference	−16.5435	0.0000	43	368
Breitung t-stat	Level	2.00101	0.9773	43	372
	1st difference	−2.48785	0.0064	43	325
Null: Unit root (assumed individual unit root process)
Im, Pesaran and Shin W-stat	Level	−0.02518	0.4900	43	415
	1st difference	−3.14446	0.0008	43	368
ADF—Fisher Chi-square	Level	91.7409	0.3160	43	415
	1st difference	172.865	0.0000	43	368
PP—Fisher Chi-square	Level	90.6269	0.3456	43	430
	1st difference	269.330	0.0000	43	387

Note: a. Probabilities for Fisher tests were calculated with an asymptotic Chi-square distribution; all other tests were performed with the assumption of asymptotic normality.

Table 3. Unit root test of Y

Methods	Unit root	Statistics	Prob.^a	Cross-sections	Obs.
Null: Unit root (assumed common unit root process)
Levin, Lin & Chu t	Level	−16.8724	0.0000	43	406
	1st difference	−28.7550	0.0000	43	357
Breitung t-stat	Level	0.78029	0.7824	43	363
	1st difference	−7.87477	0.0000	43	314
Null: Unit root (assumed individual unit root process)
Im, Pesaran and Shin W-stat	Level	−5.18296	0.0000	43	406
	1st difference	−6.57410	0.0000	43	357
ADF—Fisher Chi-square	Level	210.048	0.0000	43	406
	1st difference	282.926	0.0000	43	357
PP—Fisher Chi-square	Level	295.228	0.0000	43	430
	1st difference	333.435	0.0000	43	387

Note: ^aProbabilities for Fisher tests were calculated with an asymptotic Chi-square distribution; all other tests were performed with the assumption of asymptotic normality.

Table 4. Panel co-integration test of X and Y^a

Alternative hypothesis: common AR coefs. (within-dimension)
		Statistic	Prob.	Weighted Statistic	Prob.
Panel v-Statistic^b		4.982923	0.0000	0.969942	0.1660
Panel rho-Statistic		3.741486	0.9999	2.453133	0.9929
Panel PP-Statistic		−0.078996	0.4685	−4.255600	0.0000
Panel ADF-Statistic		−1.307516	0.0955	−3.921483	0.0000
Alternative hypothesis: individual AR coefs. (between-dimension)
		Statistic	Prob.
Group rho-Statistic		5.471523	1.0000
Group PP-Statistic		−3.017295	0.0013
Group ADF-Statistic		−4.053773	0.0000

Notes: Trend assumption was deterministic intercept and trend.

Panel v-stat was right tail test and rest statistics were left tail test.

Table 5. Regression analysis

	Coefficient	Std. Error		t-Statistic	Prob.
C(1)	0.193032	0.029959		6.443192	0.0000
C(2)	−0.780237	0.112491		−6.935983	0.0000
C(3)	1.576112	0.099243		15.88130	0.0000
R-squared	0.798921		Mean dependent var		0.352795
Adjusted R-squared	0.798066		S.D. dependent var		0.244526
S.E. of regression	0.109883		Akaike info criterion		−1.572480
Sum squared resid	5.674900		Schwarz criterion		−1.546101
Log likelihood	374.8916		Hannan-Quinn criterion		−1.562105
F-statistic	933.6965		Durbin-Watson stat		1.891211
Prob (F-statistic)	0.000000

Figure 3. Social justice gap of China and the United States in 2016

Figure 4. Radar map of social justice components of special countries in 2016

Table

Time	2006		2007		2008		2009		2010		2011		2012		2013		2014		2015		2016
Indicator	Y	X	Y	X	Y	X	Y	X	Y	X	Y	X	Y	X	Y	X	Y	X	Y	X	Y	X
Argentina	0.039	0.429	0.045	0.431	0.054	0.435	0.050	0.426	0.061	0.424	0.073	0.417	0.073	0.416	0.073	0.416	0.070	0.417	0.076	0.431	0.071	0.443
Australia	0.529	0.813	0.555	0.817	0.604	0.821	0.563	0.824	0.611	0.838	0.667	0.848	0.697	0.844	0.696	0.842	0.665	0.842	0.639	0.842	0.605	0.842
Austria	0.548	0.756	0.586	0.747	0.613	0.750	0.587	0.742	0.578	0.748	0.606	0.755	0.595	0.744	0.603	0.743	0.609	0.752	0.565	0.770	0.574	0.776
Belgium	0.510	0.748	0.543	0.748	0.567	0.738	0.545	0.724	0.541	0.734	0.567	0.744	0.552	0.746	0.557	0.759	0.564	0.767	0.527	0.775	0.535	0.780
Brazil	0.054	0.366	0.061	0.361	0.069	0.357	0.068	0.353	0.082	0.356	0.091	0.366	0.088	0.376	0.087	0.372	0.086	0.373	0.068	0.362	0.068	0.354
Bulgaria	0.021	0.473	0.027	0.478	0.033	0.478	0.032	0.471	0.032	0.473	0.036	0.485	0.034	0.502	0.035	0.516	0.036	0.527	0.032	0.533	0.034	0.534
Canada	0.600	0.806	0.623	0.801	0.636	0.804	0.601	0.809	0.635	0.823	0.663	0.834	0.661	0.828	0.655	0.827	0.648	0.832	0.613	0.842	0.604	0.850
China	0.165	0.133	0.168	0.135	0.175	0.139	0.178	0.140	0.184	0.139	0.190	0.140	0.190	0.141	0.192	0.140	0.196	0.138	0.198	0.139	0.200	0.141
Croatia	0.108	0.438	0.120	0.445	0.132	0.447	0.121	0.437	0.118	0.445	0.124	0.454	0.116	0.462	0.119	0.467	0.119	0.478	0.108	0.492	0.112	0.497
Cyprus	0.225	0.531	0.247	0.532	0.274	0.547	0.257	0.532	0.249	0.535	0.254	0.547	0.235	0.556	0.229	0.549	0.226	0.546	0.202	0.556	0.200	0.560
Czech Republic	0.271	0.609	0.284	0.608	0.309	0.609	0.295	0.600	0.292	0.606	0.300	0.615	0.289	0.631	0.287	0.629	0.290	0.638	0.285	0.657	0.291	0.651
Denmark	0.721	0.914	0.757	0.918	0.791	0.920	0.748	0.916	0.736	0.923	0.763	0.933	0.736	0.917	0.742	0.916	0.758	0.915	0.710	0.907	0.714	0.901
Estonia	0.299	0.662	0.317	0.666	0.321	0.672	0.298	0.661	0.300	0.663	0.315	0.672	0.316	0.680	0.325	0.701	0.333	0.710	0.319	0.737	0.324	0.747
Finland	0.647	0.926	0.685	0.929	0.714	0.926	0.674	0.920	0.664	0.933	0.697	0.953	0.685	0.939	0.696	0.951	0.695	0.942	0.650	0.957	0.655	0.947
France	0.539	0.597	0.565	0.604	0.588	0.593	0.562	0.592	0.556	0.596	0.574	0.611	0.556	0.614	0.562	0.628	0.565	0.642	0.534	0.645	0.540	0.649
Germany	0.615	0.718	0.646	0.729	0.664	0.734	0.635	0.740	0.637	0.748	0.666	0.763	0.656	0.766	0.672	0.771	0.679	0.790	0.645	0.805	0.652	0.812
Greece	0.173	0.533	0.195	0.518	0.212	0.521	0.199	0.518	0.183	0.527	0.177	0.531	0.157	0.518	0.156	0.534	0.156	0.526	0.136	0.531	0.135	0.534
Hungary	0.202	0.519	0.210	0.521	0.215	0.526	0.201	0.532	0.205	0.531	0.211	0.539	0.203	0.552	0.206	0.553	0.209	0.544	0.199	0.536	0.200	0.527
India	0.136	0.292	0.132	0.291	0.132	0.280	0.131	0.272	0.132	0.272	0.131	0.277	0.132	0.289	0.130	0.294	0.128	0.307	0.131	0.303	0.138	0.304
Indonesia	0.061	0.239	0.063	0.246	0.064	0.247	0.064	0.252	0.069	0.258	0.069	0.266	0.070	0.266	0.071	0.276	0.072	0.288	0.070	0.285	0.071	0.280
Ireland	0.603	0.862	0.639	0.869	0.636	0.870	0.576	0.872	0.552	0.877	0.573	0.872	0.565	0.855	0.581	0.863	0.606	0.866	0.648	0.875	0.662	0.885
Italy	0.290	0.579	0.313	0.588	0.329	0.580	0.308	0.557	0.303	0.550	0.318	0.552	0.300	0.557	0.302	0.573	0.302	0.582	0.275	0.594	0.278	0.608
Japan	0.616	0.725	0.609	0.715	0.627	0.714	0.635	0.717	0.655	0.721	0.677	0.735	0.679	0.726	0.635	0.734	0.628	0.727	0.608	0.728	0.633	0.728
Korea	0.414	0.621	0.445	0.630	0.423	0.634	0.396	0.634	0.412	0.633	0.428	0.639	0.435	0.634	0.437	0.630	0.444	0.619	0.442	0.620	0.447	0.616
Latvia	0.185	0.531	0.206	0.533	0.213	0.553	0.186	0.542	0.184	0.547	0.199	0.548	0.203	0.564	0.211	0.585	0.217	0.601	0.205	0.603	0.207	0.614
Lithuania	0.187	0.580	0.203	0.579	0.215	0.580	0.195	0.579	0.198	0.587	0.211	0.595	0.211	0.613	0.218	0.628	0.225	0.630	0.215	0.650	0.220	0.648
Luxembourg	0.768	0.814	0.853	0.819	0.898	0.818	0.842	0.817	0.857	0.834	0.916	0.848	0.869	0.838	0.907	0.849	0.942	0.839	0.846	0.849	0.841	0.844
Malta	0.159	0.615	0.173	0.611	0.189	0.611	0.182	0.597	0.185	0.606	0.194	0.616	0.190	0.628	0.203	0.633	0.214	0.631	0.200	0.644	0.209	0.646
Mexico	0.115	0.375	0.118	0.378	0.119	0.378	0.109	0.374	0.115	0.373	0.121	0.374	0.122	0.372	0.124	0.378	0.124	0.384	0.118	0.377	0.115	0.380
Netherlands	0.627	0.841	0.667	0.848	0.699	0.856	0.665	0.859	0.657	0.853	0.680	0.867	0.664	0.859	0.670	0.867	0.676	0.865	0.639	0.869	0.648	0.863
Poland	0.159	0.507	0.167	0.507	0.181	0.509	0.170	0.503	0.180	0.513	0.185	0.524	0.181	0.538	0.185	0.556	0.188	0.568	0.179	0.576	0.180	0.572
Portugal	0.242	0.636	0.258	0.636	0.269	0.634	0.258	0.620	0.254	0.632	0.258	0.635	0.244	0.642	0.250	0.647	0.256	0.660	0.241	0.675	0.243	0.685
Romania	0.029	0.424	0.040	0.427	0.049	0.427	0.040	0.432	0.041	0.440	0.045	0.440	0.042	0.445	0.047	0.456	0.049	0.459	0.044	0.472	0.047	0.477
Russia	0.077	0.192	0.088	0.183	0.102	0.188	0.085	0.183	0.097	0.186	0.114	0.186	0.118	0.187	0.121	0.189	0.115	0.190	0.092	0.193	0.090	0.192
Saudi Arabia	0.164	0.142	0.175	0.147	0.198	0.138	0.177	0.146	0.198	0.141	0.226	0.148	0.235	0.152	0.231	0.154	0.228	0.163	0.208	0.167	0.200	0.171
Slovakia	0.224	0.518	0.236	0.533	0.248	0.532	0.234	0.539	0.232	0.544	0.238	0.551	0.232	0.566	0.235	0.581	0.239	0.585	0.229	0.597	0.233	0.602
Slovenia	0.244	0.568	0.266	0.576	0.286	0.583	0.273	0.586	0.262	0.593	0.267	0.596	0.255	0.607	0.256	0.604	0.260	0.615	0.244	0.632	0.252	0.644
South Africa	0.183	0.496	0.181	0.494	0.179	0.490	0.177	0.488	0.184	0.479	0.188	0.479	0.186	0.484	0.183	0.492	0.180	0.496	0.178	0.497	0.179	0.490
Spain	0.353	0.682	0.374	0.688	0.392	0.682	0.369	0.672	0.357	0.683	0.364	0.687	0.349	0.692	0.352	0.694	0.353	0.702	0.334	0.707	0.342	0.711
Sweden	0.659	0.931	0.705	0.933	0.718	0.933	0.663	0.916	0.699	0.916	0.744	0.920	0.725	0.924	0.738	0.937	0.727	0.933	0.683	0.938	0.696	0.933
Turkey	0.084	0.282	0.094	0.281	0.098	0.285	0.089	0.277	0.099	0.290	0.102	0.298	0.106	0.319	0.110	0.304	0.108	0.289	0.101	0.280	0.101	0.262
United Kingdom	0.681	0.804	0.702	0.796	0.674	0.786	0.619	0.788	0.627	0.787	0.652	0.798	0.659	0.795	0.657	0.813	0.683	0.813	0.671	0.823	0.654	0.821
United States	0.758	0.673	0.756	0.682	0.764	0.699	0.743	0.707	0.737	0.704	0.744	0.710	0.757	0.709	0.766	0.722	0.781	0.723	0.797	0.716	0.811	0.719

Notes: 1. The final value of them is equal to 10 minus of the original because HR and EI were negative and range from 0 to 10.

2. In terms of DI, it was counted every two years from 2007 to 2010, so the value of 2007 was equal to 2008 and the value of 2009 was equal to 2010.

3. As for CPI, the range of values increased tenfold since 2012, so the final value was divided by 10.

4. There were five missing data: Saudi Arabia’s GCI in 2006, Luxembourg and Malta’s EI and HR in 2006. All of them are estimates based on the trend line of the following decade.