Application of Information Technologies for Solving Economic Problems: In-depth Analysis of Okun’s Law for Azerbaijan

Abstract

This article discusses the advantages of modern computer technologies, as well as their use in assessing the applicability of Okun's law to describe short-term and long-term relationships between macroeconomic indicators. The article presents a computer implementation of research on the relationship between employment, unemployment, and production. We provide a comprehensive overview of the main theoretical approaches to the study of this interdependence and analyze the practical experience of assessing it. With the help of the SPSS software package, based on the generalization of the results of theoretical analysis, a conclusion is made about the most adequate models in modern socio-economic conditions. Furthermore, we test these models based on official statistics. One consequence of Okun's law is that a rise in labor productivity and an increase in the labor force can cause in production growth without reducing employment. Our findings obtained in the course of an in-depth analysis using the statistical data of Azerbaijan and due to the results of using the software product fully confirm this statement.