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Contribution to the theory of economic growth
... Introdução Solow (1956) evidenciou o papel da tecnologia na explicação do crescimento, mas não explicou o que determina a taxa de progresso tecnológico. Esse e outros fatos fez surgir uma série de novas discussões sobre o papel do nível de renda per capita, capital humano, crescimento populacional, produtividade dos fatores de produção, dentre outros, no crescimento de longo prazo, expostas nos trabalhos propostos por Cass (1965), Koopmans et al. (1965), Lucas (1988), Barro (1989), Romer (1993), Deininger e Squire (1996), entre outros. ...
... Assim, a equação resultante do modelo de correção de erro é: Adicionalmente, será utilizado PIB real per capita defasado com o intuito de captar a hipótese da convergência condicional entre os países selecionados da América Latina. Mankiw et al. (1992) e Barro (2003), concluíram que a hipótese de convergência absoluta proposta pelo modelo de crescimento de Solow (1956), Koopmans (1965) Essa relação deve ser examinada considerando constante algumas características que distinguem os países (Gründler;Scheuermeyer, 2014). ...
Este artigo tem o propósito de investigar os efeitos da desigualdade e algumas variáveis explicativas sobre o crescimento dos países da América Latina entre 1970 e 2010. Exibe-se um modelo teórico com uma trajetória de ajustamento não-monotônica da produção que conduz a um modelo linear que representa a relação desigualdade-crescimento. A estratégia empírica consiste no uso dos estimadores de efeitos fixos e aleatórios e na aplicação de um modelo de correção de erros para um painel cointegrado. Os resultados encontrados inferem uma relação negativa e estatisticamente significativa entre a desigualdade e o crescimento para os países da América Latina.
... Empirical studies have provided evidence in support of this argument (Ghali et al. 1978;Giarratani Soeroso 1985;Kottman 1992). Neoclassical models of economic growth also predict convergence across economies, as production functions incorporated into these models account for diminishing returns to scale, which implies the equalization of development among units under analysis (Solow 1956;Mankiw et al. 1992). ...
... The theoretical and empirical literature emphasize the significant role of human capital in driving economic growth (Aghion and Howitt 1992;Griffith et al. 2004;Cuaresma et al. 2014). The investment variable (Fixed) , the share of the gross fixed capital formation in national GDP, has been found to have a positive relationship with growth in both theoretical and empirical studies (Solow 1956;Mas et al. 1996;Pereira and Roca-Sagalés 2003;Gonzalez-Paramo and Martinez 2003;Rodríguez-Pose et al. 2012). ...
The study aims to examine whether regional disparities within a country affect national economic growth. To achieve this, the study employs spatial panel data models that consider the role of geography in economic development. The analysis covers 17 EU countries with five or more regions at the NUTS 2 level, spanning from 2000 to 2020. Regional disparities are calculated using polarization measures. The findings indicate that an increase in regional disparities, in the form of a shrinking range of regions with GDP per capita close to the national average, has a negative impact on economic growth. However, the division of a country's regions into two groups (bipolarization), poor and rich, does not affect national economic performance. Furthermore, the results of robustness tests reveal that regional disparities have a detrimental effect on growth in the EU's new member countries, which joined in 2004 and later, whereas the relationship is insignificant in the case of old member states' economies.
... The theoretical literature on industrial growth and development draws heavily from the neoclassical growth theory (Solow, 1956;Swan, 1956) and endogenous growth theory (Romer, 1990a;Grossman and Helpman, 1990), which attribute growth to savings, physical capital and human capital. These factors form the basis of industrial development theories (Kiely, 1994). ...
... The model in this study is built upon the standard neoclassical growth theory (Solow, 1956;Swan, 1956) and endogenous growth theory (Romer, 1990a;Grossman and Helpman, 1990). The neoclassical theory posits that growth in industrial sector and other productive sectors depend on savings and physical capital stock, while the endogenous theory posits that growth depends on human capital accumulation. ...
The purpose of this paper is to examine the role of global value chains (GVC) in industrial development of emerging economies, with particular focus on participating African countries. Findings of the study are expected to provide insight on the need for more developing countries to participate in GVC. The study is built upon the neoclassical and endogenous growth theories, which postulate that savings, physical capital and human capital are the fundamental drivers of development in productive sectors of the economy. The investigation, covering the period 1980–2021, is carried out by using the unrestricted error correction model and dynamic ordinary least squares model. Results of the study reveal that GVC stands as the dominant factor driving industrial development, compared to savings, physical capital and human capital. The findings, therefore, seem to contradict the postulation of conventional theories. The policy implications of the findings are not far-fetched. First, industrial development in the participating African countries has benefited largely from GVC; hence, it is necessary to encourage more participation. Second, industrial development also benefited from the control variables (savings, physical capital and human capital), hence the need to sustain their complementary role. Thirdly, only three African countries are actively participating in GVC, which suggests that more countries need to join, to facilitate industrial development.
Previous studies have not given adequate attention to African countries that participate in GVC, thus creating a void that needs to be filled. This study, therefore, produced results that are relevant to policy-making on industrial development in African countries.
... e concept of beta convergence stems from the neoclassical growth model, which predicts that economies with lower capital per worker will experience higher marginal returns on capital, leading to faster growth (Solow, 1956). is allows poorer economies to catch up with richer ones in terms of productivity and income per capita over time. ...
... An alternative approach is using a theory-driven model that derives a spatial model. Ertur and Koch (2007) extended the Solow (1956)'s neoclassical model by incorporating Arrow-Romer-type externalities and spatial externalities. is augmented beta convergence model, an SDM for cross-sections, was further expanded by Fischer (2011) to include additional control terms such as human capital and regional fixed effects for Europe (NUTS2). ...
This research explores the impact of armed violence and corruption on the economic growth of Colombia’s departments from 1991 to 2017. Using models of spatial panels, statics and dynamics, we detect positive space-time indirect effects on departmental growth, including evidence of beta-convergence. Specifically, fiscal corruption exhibited a significant negative impact on short-term economic growth. Moreover, corruption primarily affected growth at the local level, with limited spillover effects observed from neighboring regions. Interestingly, our analysis did not yield statistically significant evidence regarding the impact of armed violence on economic growth.
... Theoretical Literature The mixed performance of neoclassical theories such as Solow's (1956) neoclassical growth model in explaining long-term economic growth led to discontentment with traditional growth theory. The models predict that economies of both developed and developing countries will eventually converge to zero economic growth if there are no external technological shocks or changes. ...
... The models predict that economies of both developed and developing countries will eventually converge to zero economic growth if there are no external technological shocks or changes. Therefore, Solow (1956) perceived increasing per capita gross national income (GNI) as a short-run occurrence emanating from technological changes or a situation where the economy is self-adjusting in order to reach its long-run equilibrium point. It is this failure by the neoclassical theories to account for sustained economic growth and ascribing it to exogenous technological shocks that led to the emergence of the endogenous growth models (Todaro and Smith 2015). ...
The fourth industrial revolution has contributed significantly towards the growing global technological transfers that enhance productivity, employment and standard of living. The outbreak of the COVID-19 pandemic has undeniably disrupted lives globally; however, it enhanced technological transformation by causing an abrupt shift towards digital technology usage. The development and diffusion of digitalisation is expected to drive economic growth as we move towards the 2030 Sustainable Development Agenda. This study examines the impact of digitalisation on economic growth for 14 Southern African Development Community (SADC) countries from 2000 to 2020 employing the Fixed Effects model. Results reveal that all digitalisation indicators employed tend to have a positive impact on economic growth. A percentage change in individual usage of information communication technologies (ICTs), fixed broadband subscriptions, and mobile cellular subscriptions leads to a 0.17%, 0.11% and 0.12% increase in GDP per capita, respectively. Therefore, usage of and access to digital technologies stimulate economic growth in the SADC region. Public policies should seek to stimulate private sector investments in technological infrastructure and liberalise the telecommunications and innovation market. This accelerates digitalisation and consequently leads to higher economic growth and development in the SADC region.
... Innovation management is a process through which the act of innovation within an organization is formalized, facilitating the systematic generation of new ideas,practices,products, and services [40], [41], [42], [43], [44].Recent studies have shown that innovation management has a positive impact on organizations, especially for initiatives related to digital innovation,digitalization, and digital transformation [16], [45], [46].Furthermore,it was found that crises,such as the SARS-CoV-2 pandemic,drive digitalization through an increase in motivation for open and ecosystem-based innovation [47].Innovation management is considered strategic for the survival of companies,particularly in the new normal of the post-SARS-CoV-2 pandemic era [48], [49], [50]. Consequently,if an organization seeks to become highly competitive in the market through innovation,then it is essential that the organization has mechanisms in place for the proper management of acts of innovation,which is achieved through the development of a strategy and the creation of an organizational structure that supports innovation [11], [21], [39], [51], [52]. ...
... For the purposes of this article, innovation management is defined as a mechanism that enables the innovation process to be formalized, facilitating the systematic creation of products,processes,services, or marketing strategies that differ significantly from those that already exist and are available to the organization [40], [41], [42], [43], [44]. ...
The need to achieve better results through
innovation
has led firms to incorporate
strategic or corporate foresight
to anticipate and act agilely in highly complex, hyperconnected, and uncertain environments. However, current research on the intersection between
strategic foresight
and
innovation
is inconsistent and lacks an understanding of how this relationship occurs. The purpose of this paper, therefore, is to reveal the empirical evidence on the impact of
strategic foresight
on
innovation.
A systematic literature review of a sample consisting of
46
articles published in journals indexed in Scopus and the Web of Science between
2011
and
2024
was conducted. The synthesis was based on a conceptual framework that combined the different roles of
strategic foresight
in
innovation
and the factors that interact with this relationship, such as
organizational learning
,
organizational culture
,
organizational structure,
and
innovative behavior
. The results indicated that there is an effort to demonstrate how
corporate foresight
creates value and favorably impacts
innovation
. However, empirical research is not only limited, but mostly qualitative. This article contributes to the body of knowledge by providing a synthesis and discussion of what has been explored, learned, developed, and demonstrated in the literature. Furthermore, future research directions are proposed.
... Since the early theories of growth, there has been a rapid development in the literature. For instance, Solow (1956), in his publications about the exogenous growth theory, posited that physical and labour inputs promote growth and document human capital as a separate factor of production and not an important component of the labour-induced growth process. This is integrated into the infrastructure development literature, indicating that capital and labour can be used to raise both infrastructure development and economic growth. ...
The present study assesses the impact of infrastructure development on promoting inclusive growth in 48 African countries between 2000 and 2020. The study also examines the moderating role of the knowledge economy on the infrastructure development-inclusive growth relationship. To address potential endogeneity, a two-step GMM strategy has been adopted. Inclusive growth is measured by a composite index that integrates shared growth and income distribution. The study finds that infrastructure development plays a significant role in promoting inclusiveness in growth, signifying that the development in the transport, energy, portable water supply and information and communication departments has promoted inclusive growth in Africa. More specifically, it contributes to enhancing shared growth and reducing income inequalities, which ultimately leads to better living standards. The indirect effect findings indicate that the knowledge economy promote infrastructure development to enhance inclusive growth. This is consistent in both the energy, water, ICT and transport sectors. In addition, Africa’s inclusive growth is enhanced by control of corruption and foreign direct investments. The findings recommend African policymakers to develop an economy that places a high value on knowledge transfer and human capital, advancing the knowledge economy to support infrastructure and accelerate inclusive growth. Inclusive growth is enhanced by policies that support infrastructure development projects with sound governance.
... 5 Below we perform a growth accounting decomposition exercise, to understand the effects of those shocks and the underlying drivers of the convergence break down (see Figure 5). Based on the Solow growth model (Solow, 1956), growth accounting exercises assess the relative contribution of labor, capital and technology to the economic growth of a country using a Cobb-Douglas production function, given by Y AK L ...
Contrary to other EU countries, Portugal has become relatively poorer for almost a quarter of century. Growth decomposition exercises show that this is due to a reduction in capital accumulation and a sharp fall in total factor productivity. There are areas in which the country can act to reduce the fall, by capitalizing on national comparative advantages and the diverse but complementary features of its two largest metropolitan regions, Lisbon and Porto. However, this requires policy changes.
... After Solow's (1956) foundational work, the concept of convergence has become prominent in macroeconomics. According to the convergence hypothesis, economies that initially have lower capital accumulation, and thus a lower degree of development, tend to reach a steady-state equilibrium more quickly than those with a higher level of development. ...
Ecological footprint intensity (EFI) reflects the amount of ecological footprint utilized to generate one dollar of GDP per capita. Analyzing EFI convergence among countries unveils the efficiency of ecological footprint usage while considering GDP per capita differences. This study investigates the convergence process of EFI across 12 Economic Community of West African States (ECOWAS) countries from 1961 to 2018. Unlike previous studies focusing on convergence across the entire period, this research employs a novel approach using the discrete wavelet transform (DWT) to decompose the EFI series into different frequency scales (short, medium, and long-run). This methodology enables us to assess convergence patterns across various time frames, providing a more comprehensive understanding of the convergence process. We then apply the Fourier Augmented Dickey-Fuller unit root test to examine convergence across each frequency. Our findings reveal that while short-term convergence is evident for all 12 countries, medium and long-term convergence patterns vary. These results highlight the importance of considering time periods when developing environmental policies.
... The opponents argue that the concept of housing being considered a source of development was entirely in contrast to the fundamental economic theory. Development in the eyes of earlier twentieth-century economists arises from industrialization through capital accumulations (Harrod, 1939;Domar, 1947;Solow, 1956), and any use of capital for consumer item such as housing would tie up capital meant for economic growth. To these economists, housing is a "non-productive capital durable" and a "social expenditure" that usurps capital available for industrialization. ...
The debate on the hypothesis that massive housing construction is the starting point of economic development has been ongoing since the end of World War II. Proponents of this hypothesis believe that housing serves asan impetus for economic development, and there is practical evidence to support this view. Opponents, however, state that housing is not a cause but a consequence of development. This latter group, in line with mainstream economic models, considers housing as a private consumer good, such as automobile, clothing, food and furniture. While the supply of housing entails enormous economies of scale, the consumption gives rise to interdependence costs. To internalize these costs, economic goods associated with interdependence costs require group or political consideration. Thus, it becomes inappropriate to model a house as a consumer good. The purpose of this article is to show that physical structure alone does not constitute a house. Private and public goods, complementary to housing, which lead to scale economies and elimination of interdependence costs excluded from relevant housing models, produce inadequate definition of a house. If these public goods complementary to housing are the stimuli needed for sustainable economic development and growth, then the debate should be about the definition of a house-is a house an economic consumer product or a political good?
... Investment is widely recognized as the engine of economic growth, as outlined in both neoclassical and endogenous growth theories (Solow, 1956; Barro, 1991). By enhancing the productive capacity through the accumulation of physical and human capital, and by driving technological advancements through research and development and innovation, investment signi cantly contributes to economic growth. ...
This study investigates the effect of economic freedom on private domestic investment in Sub-Saharan Africa. Unlike the existing literature, it specifically focuses on the SSA region and considers the effect of the five components of the Fraser Institute's Index of Economic Freedom on private domestic investment. To this end, we use a panel of 41 SSA countries over the period 2000–2021 using the system GMM estimation method. The results show that economic freedom favors private domestic investment through the size of government, the legal system and property rights, as well as the regulation of the credit, labor and business markets. Conversely, the freedom to trade internationally has a negative effect. These results imply that SSA countries should enhance the size and quality of public investments, strengthen their legal frameworks, ease restrictions on capital flows and tariff barriers, and create a favorable regulatory environment for businesses to stimulate private investment. JEL classification : C82, E22, O43, O55, P16
... The ELG paradigm assumes a sharp growth in countries' GDP via a rise in exports, which can accelerate the expansion in imports owing to an accumulation of foreign exchange (Kemal et al. 2002); and the speed-up effects from exports to growth may come from different mechanisms. Taking the key economic theories of trade based on comparative advantage and specialization (Ricardo 1817;Samuelson 1948Samuelson , 1995, Solow (1956) earlier demonstrated that exports and human capital, among others, are important elements for economic growth. Later, the neoclassical trade theory postulates that export development allows the home country to concentrate investments in the sectors of high comparative advantage (Heckscher 1919;Ohlin 1933;Samuelson 1948). ...
In recent years, shrimp aquaculture has become one of the most promising and fastest-growing aquaculture industries in providing aquatic food globally. In comparison with other aquatic products, shrimp plays an important role because of its high export value and self-employment opportunities provided for farmers and stakeholders along its value chain in developing countries. This study attempts to provide some insights into the export-agricultural growth nexus by considering the aquaculture shrimp industry. The objective of this paper is to analyze the effects of shrimp exports on aquaculture shrimp production over the period 1998–2022 for the major South Asia and Southeast Asian shrimp-producing countries. By using the cointegration approach and panel autoregressive (PVAR) model, empirical findings indicated that there is no causal relationship between the volume of shrimp aquaculture production, its exports, imports, and the domestic prices in the long run and the short run. In addition, the results of the PVAR approach did not show enough evidence to support the assumption that growth in shrimp exports can enhance growth in the production of aquaculture shrimp perhaps because of the small sample size or other plausible reasons. However, our findings evidence that exports rather than imports explain much of the variation in aquaculture shrimp production across time. Despite the limitations of evidence, hence suggesting the need of more data, these findings have some policy implications in providing insights to the governments in countries where aquaculture (shrimp industry) have considerable importance. Exploring all possible ways to increase or promote aquaculture shrimp production can help shrimp producers in South Asia and Southeast Asia countries and, by extension, all shrimp production countries globally. Evaluating the shrimp exports-production growth nexus or similar work to this current study could be carried out by incorporating more countries and variables over a much longer period.
... TFP, defined as the degree of intensity of multiple inputs used to produce multiple outputs, is one such measure (Comin, 2006). Solow (1956) defines TFP as the proportion of output quantities not explained by the traditional inputs being used in production. Measured in terms of Solow's residual, TFP growth can be quantified, subject to the fulfillment of three assumptions: a neoclassical production model, perfectly competitive factor markets, and accurate measurement of input growth rates. ...
Information technology is a critical driver of productivity growth in modern economies. However, there has been no convincing explanation for the observed discrepancy in the literature, increasing suspicion on whether IT can improve institutional performance in contemporary banking markets. The fallacy of productivity adds credence to Robert Solow’s dictum, “You can see the computer age everywhere except in productivity statistics”. We employ two extensive bank-level datasets of 5,794 institutions across 37 nations to estimate the total factor productivity (TFP) payoffs from IT in BRICS and European markets. A DEA-based, Malmquist productivity index quantifies TFP change and its respective components. Findings provide evidence against the paradox as both regions experience IT-fueled productivity growth. Nevertheless, such associations vary across banking sector development, rationalizing how IT spending can explain productivity differences across nations. For BRICS banks, a significant proportion of TFP growth originates from frontier expansion instead of frontier progression, signaling a widening of technology gap. Contrastingly, IT has diminished the technology gap between European banks. Intra-country comparisons suggest that if IT-driven productivity growth is regarded as a nation’s long-term goal, industry characteristics should govern the distribution of knowledge capital.
... Currently, this progress is largely generated in the information and communication technology sector (ICT-producing industries) and implemented by others, referred to as ICT-using sectors in the literature. From a theoretical point of view, the relationship between ICT production and TFP change derives directly from the neoclassical growth theory (Solow, 1956;Biagi, 2013, Jorgenson et al., 2002. ...
... Изучением экономического роста занимаются неоклассики (Ч. Коб [6], П. Дуглас [6], Р. Солоу [7], Р. Лукас [8], П. Ромер [9], С. Ребело [10]); неокейнсианцы (Р. Домар [11], Р. Харрод [12]); историко-социологисты (У. ...
рассмотрена сущность регионального экономического развития и его факторы в контексте теории экономического роста. Обоснована правомерность исследования конкурентоспособности работника как фактора экономического развития региона в научном поле региональной экономики. Конкурентоспособность работника есть явление экономической природы, выступает причиной и движущей силой совершения производственных процессов, необходима для экономической деятельности и её развития, и поэтому можно конкурентоспособность работников рассматривать фактором регионального экономического развития, которое может обеспечиваться за счет соперничества работников региона для получения желаемых экономических результатов региона, отвечающим ожиданиям его бизнеса и населения.
... The concept of entrepreneurship capital, built as a a particular type of social capital, has been proposed in the seminal studies of Audretsch andKeilbach (2004, 2005;2007) as a component complementing the classical production function with its key factors of production, capital and labor. Since Romer's (1986) critique of the Solow (1956) classical approach, it was clear that an important element has been for long time omitted in the basic model of the neoclassical production function, namely the knowledge, and all the externalities and spillovers emanating from it (Lucas, 1988). Since entrepreneurship has been typically descibed as an action, process, or activity, Audretsch and Keilbach (2007) advanced that it can also be considered to constitute a stock of particular social capital (namely, the entrepreneurship capital), that involves a number of different factors and forces, legal, institutional and social, which create a capacity for this activity to be persitent and self-reinforcing (Hofstede et. ...
Stemming from entrepreneurship capital and role model theories, this study aims at advancing the knowledge on the temporal persistence of nascent entrepreneurship at country level, enlarging the applicability of the theories to a macro level of analysis. This article directly establishes relationships with the new venture creation process in the long run, empirically performing a panel data analysis on the Global Entrepreneurship Monitor dataset (2002–2019) to study nascent entrepreneurship determinants in 35 OECD countries, also investigating relationships towards opportunity versus necessity driven motives. The main findings suggest that the entrepreneurship capital of a nation together with the role model effect tend to be an enduring condition, supporting the overall self-reinforcing nature of nascent entrepreneurship over time. Furthermore, such positive dynamic remains strongly significant controlling both for aggregate and perceptual determinants.The work advances on the narrow literature on the temporal dynamic of nascent entrepreneurship, trying to disentangle the forces behind its persistence. The study highlights new insight on the country level determinants of nascent entrepreneurship offering a framework in which the entrepreneurship capital strongly account for its temporal, self-reinforcing nature.
... For instance, the majority of macroeconomic models use differential equations or sets of these equations to describe economic growth. Examples include models proposed by Solow (1956), Swan (1956), Haavelmo (1954), Ramsey (1928), and Goodwin (1967). However, since the majority of economic data is available in discrete time, it is often necessary to consider models expressed in discrete time (difference equations), especially when dealing with applications involving real-world data. ...
The Goodwin model is a widely used economic growth model able to explain endogenous fluctuations in employment rate and wage share; in its initial version, the standard Phillips curve is used. In the present work, we suggest a revised Phillips curve that takes into account how the wage share influences the rate of changes of the wage itself thus obtaining a continuous-time modified Goodwin model. Since applying models to real data often requires working in a discrete-time setup, we then move from the continuous-time to the discrete-time version of the proposed model, by using a general polynomial discretization method in backward and forward-looking (hybrid discretization). By comparing the continuous-time system to its discrete-time counterpart we prove that fixed points and local dynamics do not change, as long as the time step is not too high. Moreover, numerical simulations employing Dynamic Time Warping, cross-correlation, and semblance analysis consistently affirm that enhancing the similarity of quantitative dynamics is achieved by reducing the time step.
... If so far, we have focussed on soft elements essentially related to knowledge and innovation production, we must also consider gross fixed capital formation (as a percentage of GDP), which may influence a prompt responsiveness to the crisis. Investments increase productivity and efficiency by producing more goods and services at a lower cost, which favours economic growth and higher living standards (Solow 1956;Swan 1956). Nevertheless, the evidence of persistent patterns of regional inequality within and between countries challenges this prediction from the neoclassical theory (Iammarino and Storper 2019). ...
This study introduces the novel concept of regional reactivity to shocks. A region is considered to be much more reactive if it bounced back to the level of labour productivity achieved before a shock in the same or less time than it took to reach the pre-2008 economic crisis peak from an equivalent lower bound. The analysis of the reactivity of the EU-NUTS2 regions reveals a clear spatial pattern. By using a spatial lag model selected via a Bayesian comparison approach, we show that tertiary education and institutional quality are key to promote reactivity. On the other hand, population density acts in the opposite direction. Our results are potentially useful for defining policy strategies that emphasise or refocus the strengths of each region in light of current territorial trends and emerging challenges.
... This was counter agued by Karl Marx (1889) that the driving force of increased productivity and growth was through capital accumulation. The debate continues with the Solow-Swan neoclassical growth model (Solow 1956;Swan 1956) that emphasises on technological change, labour and capital accumulation in stimulating growth. This was later modified to include human capital accumulation by Mankiw et al. (1992). ...
The importance of institutional quality as a means of influencing economic growth is being given much attention. This paper examines the extent to which institutional quality under the price deregulation policy in Ghana impacts GDP growth. The study employs the Bayesian linear regression and the auto regressive distributed lag (ARDL) models in estimating a quarterly data that spans from the first quarter of 2005 to the fourth quarter of 2022. We observe that an increase in petroleum prices increases GDP growth by 0.3 units in the long run while an increase in inflation reduces GDP growth by 0.6 units in the short run. Again, we observe that in the short run an increase in foreign direct investment increases GDP growth by 3.24 units. The interactions of petroleum prices and institutional quality on the other hand reduces GDP growth in the short run by 0.91 but tend to increase GDP growth by 1.45 which is comparatively more than the decrease in the short run suggesting that institutional quality under the price deregulation policy impacts positively on GDP growth in the long run. This paper has policy implications in that it offers policy makers, especially governments, the necessity to appreciate the importance of institutional quality in the quest for implementing policies for desired growth.
... According to Karimi (2009), neoclassical and endogenous growth models approach the issue from different angles and serve as the theoretical foundation for most empirical research examining the correlation between FDI and growth. Solow's (1956) standard neoclassical growth models propose that FDI can enhance capital stock and promote growth in the host economy by funding capital formation (Brems & Hans, 1970). However, due to the decreasing returns to capital in neoclassical growth models, the impact of FDI on growth is comparable to that of domestic investment. ...
... In this context, the paper highlights the most important contributions that have emerged and paved the way for structural transformation issues in the literature on the interpretation of growth and development. At the level of literature associated with the interpretation of growth come the contributions of New Classic ( Swan,1956., Solow, 1956, which was based on the contributions of Keynesians (Harrod-Dumar) -as well as on growing empirical researches on the interpretation of long-term growth. In the Solo-Swan model, the technology variable was used as an exogenous interpreter of growth, based on a basic hypothesis represented in substitution as well as Constant-Returns-to-Scale (CRS) between the two components of production (Labour, capital), in the sense that double employment and capital automatically multiply output, With the law in force of Diminishing Returns in the short-term. ...
The paper presents a methodology known as the Modified Structural Change/Transformation Index (MSCI) that enables comparisons of the extent of structural transformation/change across countries and regions without considering the historical context of each case's structural transformation. This is significant because developed countries initiated their structural
transformation much earlier than emerging and developing countries. The methodology compares the average contributions of economic sectors to GDP between 1970-1975 and 2017-
2022 to evaluate structural transformation in countries and regions around the world. The proposed methodology (MSCI) has demonstrated that its findings closely reflect the developmental performance of the countries and regions being assessed based on their average GDP per capita, compared to the results obtained through the traditional Structural Change Index (SCI) for measuring structural transformation. The paper confirms that the proposed methodology requires further research to refine it. Variables such as economic complexity, human capital, and institutional quality could be considered to enhance measurement accuracy.
... In this context, the paper highlights the most important contributions that have emerged and paved the way for structural transformation issues in the literature on the interpretation of growth and development. At the level of literature associated with the interpretation of growth come the contributions of New Classic ( Swan,1956., Solow, 1956, which was based on the contributions of Keynesians (Harrod-Dumar) -as well as on growing empirical researches on the interpretation of long-term growth. In the Solo-Swan model, the technology variable was used as an exogenous interpreter of growth, based on a basic hypothesis represented in substitution as well as Constant-Returns-to-Scale (CRS) between the two components of production (Labour, capital), in the sense that double employment and capital automatically multiply output, With the law in force of Diminishing Returns in the short-term. ...
The paper presents a methodology known as the Modified Structural Change/Transformation Index (MSCI) that enables comparisons of the extent of structural transformation/change across countries and regions without considering the historical context of each case's structural transformation. This is significant because developed countries initiated their structural transformation much earlier than emerging and developing countries.
... Именно последователи Кейнса смогли обосновать выбор переменных и сформировали основные принципы построения моделей экономического роста [1]. В дальнейшем же, для более богатого анализа, учёные включали в свои модели другие факторы [2]: технический прогресс [3], институциональный фактор, экологический и ресурсный, а также другие [4,5]. ...
... Economic Growth: Solow (1956) defined economic growth as a term used to indicate the increase in per capita GDP or other measures of aggregate income. Casey and Oster (2009) described economic growth as an increase in the total output in an economy. ...
This study investigated the effect of public expenditure on Nigerian economy for the period of thirty years, from 1990-2019. Ex-post facto research design was adopted. The data used in this study were secondary data derived from the Central Bank of Nigeria Statistical Bulletin Annual Reports and Accounts. The study used regression analysis and the result revealed that both economic service and social service expenditure have positive significant effect on Nigeria economy (RGDP). The study concluded that economic service and social service expenditures have effects on Nigerian economic growth. The study recommended that the government should increase public spending on social services. This can be accomplished by utilizing public funding to improve educational quality at all levels of learning (primary, secondary, and higher education) through training programs that give the skills and information needed to increase labor productivity and create additional job possibilities. Furthermore, public spending in the health and social security sectors should be directed toward constructive expenditures that promote economic growth.
... 注： 数据来源于 Web of Science， 检索主题包括 "regional inequality" "spatial inequality" 等。地理学和空间科学常用 "区域差异" "区域差距" "区域不平衡" "区域非均衡" 等词进行区域比较， 而经济学常用 "区域不平等" 反映区域差异， 后者价值倾向更为明显， 但在实际使用中词语间 存在混用现象， 因此本文采用 "区域不平衡" 以突出差异的普遍性， 但在检索相关文献时考虑多个中英文语境以便取得相对全面认识。 图 1 近 40 多年西方区域不平衡的研究文献数量变化 Fig.1 Changes in the number of Western publications on regional inequality in the past 40+ years [47] Kuznets [48] Barro, Sala-i-Martin [40] Mydral [49] Harvey [37] Krugman [39] Smith [43] Milanovic [ ...
... However, Solow's (1956) model of economic growth is based on the premise that output in an economy is produced by a combination of labour (L) and capital (K), under constant returns, so that doubling input results in doubling output. Contemporary versions distinguish between physical and human capital. ...
This study examined the financial inclusion and Nigerian economic growth for the period 1980-2022. The study considered the following three objectives; to examine the significant impact of financial inclusion on the Nigerian economic growth, evaluate the impact of financial inclusion on poverty reduction in Nigeria and to ascertain the impact of financial inclusion no savings growth in Nigerian economy. Secondary time series data were used to carry out the empirical analysis. The study employed the aid of vector error correction model (VECM) approach, Augmented Dickey-Fuller (ADF) and Phillips-Perron tests, Co-integration Test and ECM. Based on the above econometric and statistic techniques conducted, it was observed that financial inclusion has significant positive impact on the Nigerian economic growth. Our results indicated that financial inclusion has significant positive impacts on poverty reduction in Nigeria. Furthermore, the result reported that financial inclusion has significant positive impact on the Nigerian savings growth within the study period (1980-2022). These empirical results do support that; One percent decrease in the interest rate (ITR), inflation rate (IFR) and exchange rate (EXR) at lag (-2) will lead to [31% (ITR)-2), 53%(IFR)-2), and 8%(EXR)-2)] increases on the aggregate saving (ASE) Nigeria economy. One percent increase in the financial inclusion proxy by; deposit from the rural areas (DRA), loan to rural areas (LRA), account owners of any type (AA) and electronic money banking/payment system (EMB) at lag (-2) will lead to [38%(DRA)-2), 29%(LRA)-2), 59%(AA)-2) and 03%(EMB)-2)] increases on Per capita income (PCI) respectively in Nigeria. Based on these findings, the researcher recommends that; Nigeria governments should fund financial inclusion programs preferring financial literacy as a national strategy for financial inclusion because it is relatively cheaper to educate the population about financial management and the benefits of using formal financial services. Stable electricity supply to drive the infrastructural facilities provided by banks, telecommunication companies and other related service providers such availability and affordability of financial services in Nigerian monetary authority (CBN) should increase the number of formal account ownership by building up trust securities in financial institutions operation in Nigeria, remove all obstacles for account ownership such as income and age bracket bias, distance in location and education discrimination in the delivery and use of financial services
... Akibatnya, pertumbuhan ekonomi yang berasal dari sektor ekspor dianggap tidak memengaruhi pertumbuhan ekonomi secara keseluruhan (Solow, 1956). ...
Indonesia can achieve stable economic growth. Achieving this requires continuous efforts in designing economic policies that are inclusive and oriented towards community empowerment. Therefore, this study aims to assess the impact of investment, inflation, unemployment, and exports on Indonesia's economic growth interpreted by Gross Domestic Product (GDP) from 1991 - 2022. The Autoregressive Distributed Lag - Error Correction Model (ARDL-ECM) method is used in analyzing time series data to analyze the effect of investment, inflation, unemployment, and export variables on GDP in the long and short term. The findings show that investment and unemployment do not have a significant impact on economic growth, in the long or short term. On the other hand, the probability values of inflation and exports have a significant impact on economic growth, both in the long and short term. Analysis of factors that have an impact on increasing economic growth is important as a reference for local governments in increasing economic growth.
... La perspectiva neoclásica tiene como principales referentes a los trabajos de Harrod (1939), Solow (1956) y Swan (1956). Fundamentándose por tanto en el modelo Solow-Swan que supone rendimientos decrecientes y un mercado de competencia perfecta, donde el nivel de producción de una economía está en función de los factores productivos capital, fuerza de trabajo y el nivel de tecnología. ...
Resumen Ante una problemática creciente por los problemas ambientales en el estado de Michoacán y el uso irracional del agua, considerando el valor económico de las externalidades en la incertidumbre y el impacto en el desarrollo de la región centro de la cuenca del río Tacámbaro, este trabajo tiene por objetivo estimar mediante la opinión de expertos la Disposición a Pagar de los usuarios de la región centro del río Tacámbaro para la realización de acciones que permitan incrementar el caudal del río y evitar su contaminación. A través de las cuatro funciones de agregación y sus respectivas ponderaciones, se concluye que la cuota de $1,500 pesos por hectárea que se pagan de forma anual por el uso del agua es una cantidad que aceptan los usuarios. No obstante, también se ob-tienen resultados que particularizan la Disposición a Pagar según el género, el conocimiento de la problemática y el tipo de productor; datos fundamentales para la gestión y la elaboración de políticas públicas en beneficio de la cuenca. Palabras clave: lógica difusa, incertidumbre, disposición a pagar, desarrollo regional. AbstRAct Faced with a growing problem due to environmental problems in the state of Michoacán and the irrational use of water, "Economic value of externalities in uncertainty and development in the central region of the Tacámbaro river
... Neoclassical growth theory, the dominant model in mainstream economics, posits that job growth is just one of many factors contributing to economic expansion-not a prerequisite for it (Solow 1956;Swan 1956). For instance, economic growth can occur through productivity improvements. ...
India's economic policy has long been obsessed with high growth rates, often sidelining other crucial goals like job creation, which has lagged significantly. In light of this slow job growth, critics are now pushing for a greater emphasis on employment, arguing it's vital for sustaining economic progress. However, this paper argues that these criticisms are misguided. The connection between job creation and growth is both theoretically and empirically weak. Moreover, these critiques mistakenly prioritize economic growth as the end goal despite its tenuous link to welfare metrics such as job creation. Instead, the paper calls for a fundamental shift in policy focus: from chasing growth targets to addressing concrete measures of economic well-being, such as robust job creation, to more effectively enhance societal welfare and tackle broader socioeconomic issues.
... clusters). The measures to strengthen cooperative schemes aim to strengthen business cooperation, inter-enterprise collaborations, strategic Table 4 Theoretical appraisals and policy proposals for SMEs amid crises Fiscal programme crisis COVID-19 and the growth plan for the Greek economy • The Greek debt crisis was associated with the theories of underdeveloped capitalism, "creative destruction" and several other growth theories (see Schumpeter, 1934Schumpeter, , 1942, Chandler, 1990); Williamson, 1975Williamson, , 1980Solow, 1956; World Bank, 2020) • SMEs were associated with low productivity, widespread tax evasion and deprivation of public revenues • In the MoUs, small businesses are considered a major factor for the limited R&D investment ...
The aim of this paper is to highlight the importance and resilience of small and medium-sized enterprises (SMEs) in the Greek economy through a mixed method of primary and secondary quantitative data analysis. In tandem, the critical importance of adopting the appropriate policy measures for SMEs is discussed as a fundamental precondition for sustainable development and economic democracy. In this context, aspects and dimensions of the business environment for the operation and growth of SMEs in Greece are presented. The paper analyses several policy aspects that accompany the dominant economic policy choices during the last decades. In this light, it seems over time that in terms of economic policy, SMEs, despite their significant contribution to the entrepreneurship ecosystem, are mainly approached either as a growth obstacle or a structural weakness of the Greek economy. However, given the socio-economic importance of SMEs, the shift towards a new knowledge-based growth model of the Greek economy needs to consider their significant historical, economic and social role. In conclusion, the need to formulate targeted policy measures to support SMEs is discussed, focusing mainly on cooperation, financing, digital transformation and green transition.
... Education is the primary means of acquiring training and skills. Therefore, following Pritchett (2001), this study augments the Solow (1956) aggregate production framework (where output is a function of labor, capital, and technical change) to introduce educational capital as the technical change factor. Hence, the model is specified as follows: ...
Education is crucial for economic growth as well as the emergence and spread of new products. Thus, a deeper understanding of educational growth is needed, which can be achieved by increasing school enrollment at various educational levels—primary, secondary, and tertiary. Despite extensive debates on the impact of education, the determination of an optimal school enrollment level remains crucial for enhancing economic growth. This study examines school enrollment ratios and their optimality toward economic growth in Middle Eastern countries (MEC) in the twenty-first century using the panel smooth transition regression (PSTR) model, utilizing data from 2000 to 2020. The results revealed that primary and secondary school enrollments have a positive impact on economic growth, with growth rates of 2.702% and 3.351% in gross enrollment ratios, respectively. However, tertiary school enrollment does not seem to contribute significantly to the growth rate. Furthermore, a school enrollment level that can be adjudged as capable of improving the economic growth is determined to be 4% for primary and secondary schools, whereas there is no discernible threshold for tertiary school enrollment. Moreover, primary and secondary school enrollments are at an optimal level for economic growth, while tertiary school enrollment is below optimal.
... Lesdites interactions sont décrites à l'aide d' effets gravitationnels isolés ou cumulés. Un ensemble N de régions entre lesquelles existent des interactions, sera noté plus loin G (Solow, 1956). ...
Dans cet article1 on présente l'essence du modèle de croissance économique gravitationnel de la croissance et la manière d'étalonner ses paramètres pour les voïvodies polonaises dans les années 2000-2014. En utilisant les paramètres calibrés du modèle on a utilisé des simulations numériques pour déterminer la trajectoire de la productivité du travail dans les voïvodies polonaises en période 2015-2050. Des analyses numériques ont été effectuées sur quatre scénarios différents concernant l'évolution des taux d'investissement dans les voïvodies polonaises et les taux de croissance du PIB des pays limitrophes de la Pologne. Quel que soit le scénario adopté en Pologne, il y aurait une divergence de la productivité du travail au niveau des voïvodies. Ce processus serait beaucoup plus efficace si la structure des taux d'investissement restait au niveau de la moyenne 2000-2014 pour les voïvodies individuelles par rapport à l'adoption des mêmes taux d'investissement pour toutes les voïvodies. De plus, des simulations numériques ont confirmé l'hypothèse selon laquelle une croissance économique plus rapide des pays limitrophes de la Pologne se traduirait par une croissance plus rapide de la productivité du travail dans toutes les voïvodies.
... De ce fait, elle peut constituer une source de croissance économique durable qui est supposée être la clé pour ouvrir les portes du progrès à ses populations. Le secret et la soutenabilité de cette croissance reposent, en principe, sur l ' état régulier mis en évidence par Solow (1956). Cet auteur montre que l ' augmentation du capital technique investi par tête dans les économies du capitalisme évolué suit un cycle analogue à celui des produits et aboutit à une phase de saturation correspondant à l ' épuisement de son potentiel en termes de performance. ...
Cet article essaie, en s ' appuyant sur la littérature et les statistiques existantes, d ' identifier les obstacles au développement des pays d ' Afrique de l ' Ouest, plus précisément les causes de leur désindustrialisation dont le début remonte aux années 1980. L ' analyse a montré que la contreperformance de ces pays est due à leur faible niveau technologique et à la faiblesse de leurs institutions, induisant des coûts de transactions et de production élevés, des difficultés de financement des investissements et d ' autres contraintes dont celles liées à la géographie qui, en portant un coup dur à la compétitivité, ont entravé la construction de l ' espace économique de l ' Afrique de l ' Ouest.
... In the light of a rigorous educational system, prestigious higher education institutions and social norms surging from the Confucianist ideology, South Korea annually produces an impressive number of specialists in most fields of activity. It is nothing, but their enthusiasm and diligence that effectively contribute to the national economic growth, while they broaden at the same time their horizons through innovative and ambitious business plans (McKenna, 2018) (Solow, 1956). ...
... In the light of a rigorous educational system, prestigious higher education institutions and social norms surging from the Confucianist ideology, South Korea annually produces an impressive number of specialists in most fields of activity. It is nothing, but their enthusiasm and diligence that effectively contribute to the national economic growth, while they broaden at the same time their horizons through innovative and ambitious business plans (McKenna, 2018) (Solow, 1956). ...
Chaebols and their Japanese counterparts, zaibatsu, can easily be regarded as the pillars of the two East-Asian „miracle” economies that rose from the ashes, after the devastation suffered during WWII. This article aims to provide an in-depth analysis of the Korean and the Japanese entrepreneurship environment, taking into account the historical relationship between the two states and highlighting the factors which led to the booming development of both Korean and Japanese economies in the last few decades. It also aims to point out the facilities and the impediments entrepreneurs may encounter while starting a business in any of the considered countries and evaluate the current economic situation, given a global subject of interest, the COVID-19 pandemic. The research is based on data provided by reputable sources such as The World Bank, Interbrand, IMF, Doing Business, as well as governmental and financial institutions from the analysed countries and relevant literature, concerning both cultural and social aspects. The findings illustrate the paternalistic economic behaviour of the two states and emphasize the crucial role of family conglomerates which empowered both South Korea and Japan to compete with the world’s most innovative and performant economies.
... Coreea de Sud oferă antreprenorilor un mediu de afaceri deschis și prietenos. În urma crizei financiare din 1997 care a adus țara în stare de insolvență, guvernul a abrogat mai multe legi care prevăd promovarea investițiilor străine, în scopul redresării cât mai rapide a economiei (Mukoyama, 2012 business-uri inovatoare (McKenna, 2018) (Solow, 1956), care reprezintă rodul muncii unor tineri cu orizonturi largi. ...
Chaebols and their Japanese counterparts, zaibatsu, can easily be regarded as the pillars of the two East-Asian "miracle" economies that rose from the ashes, after the devastation suffered during WWII. This article aims to provide an in-depth analysis of the Korean and the Japanese entrepreneurship environment, taking into account the historical relationship between the two states and highlighting the factors which led to the booming development of both Korean and Japanese economies in the last few decades. It also aims to point out the facilities and the impediments entrepreneurs may encounter while starting a business in any of the considered countries and evaluate the current economic situation, given a global subject of interest, the COVID-19 pandemic. The research is based on data provided by reputable sources such as The World Bank, Interbrand, IMF, Doing Business, as well as governmental and financial institutions from the analysed countries and relevant literature, concerning both cultural and social aspects. The findings illustrate the paternalistic economic behaviour of the two states and emphasize the crucial role of family conglomerates which empowered both South Korea and Japan to compete with the world's most innovative and performant economies.
Research and development (R&D) is crucial for promoting knowledge generation as well as the acquisition of new knowledge, so as to enable the development of new products, processes, or services, and improve the existing ones. In this vein, countries make decisions to increase and sustain their innovation efforts and focus on public R&D expenditures. This paper seeks to analyse the pathways of national R&D systems of OECD countries. For this purpose, we conducted a descriptive and exploratory analysis for the period of 2000-2021. We used innovative effort variables, such as R&D intensity, as well as patents as an output variable. The sample consisted of 37 OECD countries, divided into five quintiles according to productivity performance during the study period. The results highlight cases of R&D systems that made a significant leap in productivity during the study period; however, the results also identify cases where a higher R&D intensity does not translate into substantial improvements in productivity. This confirms that innovation is a complex phenomenon where there is not always a guarantee of a positive linear relationship between innovative effort and scientific/technological performance.
This study examines the institutional challenges of fostering both sustainability initiatives and innovation in Azerbaijan, focusing on their reciprocal relationship in correspondence to technological advancement. While Azerbaijan aims to align with global trends in sustainable development, the legacy of its Soviet-era institutional framework— characterized by centralized governance structures, formal regulatory approaches, and limited private sector engagement—presents unique constraints to progress. Using a historical institutionalist framework, the study analyzes how inherited structures shape the country’s path-dependent development, impacting both its innovation ecosystem and sustainability trajectory. Findings derived from qualitative interviews with policymakers, scholars, entrepreneurs, and environmental experts illustrate how the mutual reinforcement between sustainable practices and innovation can stimulate technological growth and how innovation, in turn, can support environmental goals within a post-Soviet institutional context. This study provides insights into the institutional adaptations necessary to foster a sustainable and innovative economy in transition contexts like Azerbaijan, contributing to broader discussions on sustainability and innovation in post- Soviet economies.
The Gross Domestic Products (GDP) is widely used to measure size of economy, per capita income and its growth as the most significant macroeconomic variable plays vital roles to adopt key decisions in investment, trade, revenue, money and prices. Our study aims to find out key factors affecting Bangladesh GDP so as to undertake necessary policy actions for promotion of GDP. We attempt to explore determinants of Bangladesh GDP during 1979-2020 by using Co-integration and Vector Error Correction Model (VECM). We use private sector credit, Government consumption, consumer price index, trade and electricity as potential variables in the model. We found that private sector credit has emerged as the most important factor to stimulate the GDP in Bangladesh. The impacts of other factors are statistically insignificant. Our study suggests for proper selection of projects with appropriate feasibility study so that credit flows to unproductive sectors can be avoided. It also recommends to develop capital market for long-term financing to lessen the adverse impacts of maturity mismatch in funds of banks. In this case, Islamic Shariah compliant sukuk based financing model can play vital role in financing projects, infrastructure projects in particular. JEL Classification: E01, E21, E22, E23, G21, O4
Increasing the pace of economic growth, attracting investments, and technological develop-ment are considered by governments of developing countries as priority goals. Methods of economic regu-lation, in particular the creation of special economic zones (SEZs) with a set of preferential investment and production conditions are used to this end. This paper analyzes the compliance of the applied model of SEZs with the level of industrial development, and the current stage of industrial development in the coun-try. The hypothesis is that the formation of SEZs in developing countries and the system for evaluating their effectiveness are determined by the level of industrial development and resource availability, as characteris-tics of the industrial development of the economy. The article uses systemic and institutional-evolutionary methodology, and methods of analysis, synthesis, and comparative analysis. The study revealed that at an early stage of industrial development, countries actively attract foreign capital by creating export-oriented zones. Attracting foreign direct investment can increase the pace of economic growth, form an industrial complex, and make qualitative changes in the structure of the workforce. The attractiveness of SEZs for foreign investment depends on the geographical features of the location, the available resources, and the in-frastructure. During the transition of countries to the final stage of industrialization, it is advisable to use a SEZ open to the domestic market, aimed at maintaining the innovation sector and integrating research and production. Maintaining an isolated SEZ export model may increase the vulnerability of the host country to global challenges and slow down the transition to a post-industrial economy.
En este estudio se analizó la dinámica de convergencia de la productividad media del trabajo en las regiones del Perú en el período 2004-2023, identificando los principales factores que influyeron en el proceso de convergencia. Además, se determinó la relación entre la convergencia de productividad y la distribución de ingresos empleando el índice de Gini con la finalidad de identificar el efecto de las disparidades en la productividad que impactan en la equidad de la economía entre las regiones del Perú. La metodología empleada para la estimación fue el modelo de datos de panel, a partir de la hipótesis de convergencia de Sala-i-Martín. Los hallazgos evidencian que las regiones con mayor productividad, en el período anterior, tienden a tener un menor crecimiento en el período actual, mientras que las regiones con menor productividad en el período anterior tienden a tener un mayor crecimiento en el período actual. Asimismo, se determinó la velocidad de convergencia entre las regiones del Perú, siendo esta morosa y con diferencias 7 a 15 años de convergencia. Esto se debe a que el capital humano es un factor importante para el crecimiento económico, al igual que la educación y las desigualdades. Finalmente, un coeficiente positivo para Gini indicaría que una mayor desigualdad del ingreso está asociada a una menor productividad, tal como se puede comprobar en la relación de la productividad y el índice Gini. Esto se debe a que la desigualdad puede generar inestabilidad social y económica, lo que puede desincentivar la inversión y el crecimiento económico.
Вступ. У досліджених роботах визначена модель Р. Солоу як базова та оптимальна для моделювання розвитку підприємств України в умовах посткризового відновлення. Мета. Ця стаття розглядає аналіз інвестиційної діяльності підприємства через призму моделей економічного зростання на прикладі розвитку державного підприємства «Морський торговельний порт Південний». Для виконання цього завдання використовується виробнича функція Кобба-Дугласа. Результати. Досліджено відображення науково-технічного прогресу в моделях економічного зростання, роль різних факторів у зростанні продуктивності праці. Детально проаналізовано моделі економічного зростання та продемонстровано можливий їхній вплив на діяльність морських торговельних портів. На підставі функції Кобба-Дугласа, розрахованої для компанії ДП «МТП Південний», розглядаються умови сталого розвитку підприємства. Аналізується коефіцієнт нейтрального технічного прогресу, рівноважна норма капіталовкладень. Для включення в модель Соллоу побудована функція Кобба-Дугласа для продуктивності ефективної праці. Був виконаний аналіз факторів вартості основних виробничих фондів (ОВФ) та чисельності робітників на темп приросту продуктивності праці за звітні роки з урахуванням як екстенсивного, так і інтенсивного їх впливу. Доведено, що у звітному періоді компанії темпи приросту доходу, які дорівнюють темпам приросту виробничих фондів, свідчать про наявність рівноважного розвитку підприємства. З’ясоване співвідношення між середньою та граничною продуктивністю чисельності та капіталу. Граничний аналіз факторів росту чистого доходу показав, що фондовіддача ДП «МТП Південний» не змінюється за розглянутий період та дорівнює граничній продуктивності основних виробничих фондів, тоді як середня та гранична продуктивність праці коливається по роках. Це також свідчить про те, що розвиток ДП «МТП Південний» має риси науково-технічного прогресу за Харродом. Висновки. Розглядаються можливість сталого розвитку ДП МТП «Південний» за умов додержання у своєму розвитку встановленої рівноважної норми капітальних вкладень.
The Indian Constitution ensures everyone's right to practise their religion
without restriction because religious freedom is a defining characteristic of
a secular state. Secularism's defining characteristic is equality in religious
matters for all facets of society. However, with the establishment of
Devaswom Boards, which are intended to be autonomous entities charged
with the administration of temples in this state, politicisation has
struggled with the management of Hindu temples in Kerala. Given that
other communities' religious organisations are mainly free from political
authority, this is against secular norms. Today, trade unions and their
activities are commonplace in Kerala's temples. Trade unionism is nothing
other than the direct result of the politicization of temple administration.
Though trade unionism is significant for protecting the rights of
employees, often its politicization affects the serenity of temples and the
unity and general discipline of employees as it involves direct action
methods for achieving goals. Various Commission Reports and Court
verdicts often pointed out that politically affiliated trade unionism is
detrimental to the temples. The administration of Devaswom boards hasbeen deteriorated to the level of a business establishment due to the
presence of strong and highly politicized trade unions. The study tries to
examine the historical and contemporary role of trade union movements
existing among the temple employees of public temples in Kerala
Despite the sub-Saharan African (SSA) region’s vast size in terms of human capital and physical capital resources, the industrial output growth in SSA still needs to catch up to the other regions. This is because of low productive skills and the dilapidated spread of infrastructural technology (tech), which have constrained rapid industrial growth. On this premise, the study fills gaps in the literature via trend analysis, sub-sample analysis, Fixed Effect Least Square Dummy Variable (Fixed-LSDV) and disaggregated system-GMM techniques to ascertain the spillover effects of human capital skill and infrastructure development on industrial sector growth across the SSA sub-regional blocs. Findings disclosed that SADC and ECCAS have better spillover effects on industrial growth than EAC and ECOWAS. Notably, ECOWAS, having the highest labor force among the economic blocs, was found to have performed most poorly. Equally, a comparative analysis via FE-LSDV technique, as suggested by the Hausman test, was adopted to examine sub-regional spillover effects across SSA. The LSDV outcomes from the combined model were compared with the LSDV outcomes from specific model to systematically reveal spillover effects from human capital skill and infrastructure on industrial output growth. The overall results showed significant diverse effects from human capital skill and infrastructural-technology development on industrial sector growth across the sub-regional groups in SSA. Consequently, the study suggests that countries at the sub-regional level should draft more policy support to prioritize factor input based on their specific spillover effect to reduce real cost and money cost of production for rapid industrial growth.
Fiscal transfer is defined as the allocation of funds from the European Union’s budget to its member states or regions for various purposes. This transfer constitutes an essential aspect of the European Union cohesion policy that aims to reduce the economic and social disparities among member states and to promote economic development and integration across the Union. The purpose of this paper was to determine the impact that these fiscal transfers from the union budget had on the economic performance in the Central and Eastern European countries. To achieve this, I used a panel data fixed effect model, taking into account the effects of the cohesion policy, but also other relevant variables. The paper focused on the period 2009 - 2022, being aimed at the member countries of the Central and Eastern European Union because they have a similar economic path. The results of the research demonstrated the fact that the expenses from the union budget had a positive impact on the economic performance in this region during the analysed period.
En un mundo caracterizado por su constante transformación y en un escenario donde la incertidumbre prevalece, este estudio proporciona una profunda perspectiva sobre la interacción económica entre las regiones chilenas. Los resultados de la investigación destacan claramente la influencia positiva de la sinergia regional en el crecimiento económico. La colaboración y el trabajo conjunto entre regiones cercanas demuestran tener un impacto multiplicador en el producto interno bruto regional. Estos resultados revelan una oportunidad estratégica para fomentar un desarrollo económico más sólido y equitativo en todo el país. El análisis se basó en una extensa base de datos espaciales que abarcó desde el primer trimestre de 2013 hasta el segundo trimestre de 2022, lo que brinda una visión sólida y actual de la situación económica. Las conclusiones apuntan a la necesidad de abordar el desarrollo regional de manera colaborativa y estratégica, sin olvidar la importancia de considerar factores como la distribución de recursos, la inversión y la fuerza laboral. Estos hallazgos ofrecen una guía valiosa para impulsar el crecimiento económico a nivel regional y nacional, y resaltan la importancia de superar las barreras que puedan limitar el potencial de las regiones menos desarrolladas.
Given the low level of trade integration of the Economic Community of Central African States (ECCAS) zone into the African continental economy and the unfavourable consequences for the socio-economic development of these countries, ways to increase intra- and inter-regional trade must be found. Implementing AfCFTA, which 41 countries have ratified, is an opportunity for ECCAS countries to accelerate their structural transformation process. Therefore, this study assesses the potential effects of AfCFTA on trade integration in ECCAS. The methodological approach is based on analysing ECCAS's trade with RECs and estimating gravity models using OLS with a database of 86 countries.
Stylised facts show a low intra-ECCAS trade and trade with other RECs. ECCAS imports products such as medicines, rice, and vehicles from outside Africa, which can be sourced from South Africa, Egypt, and Morocco. Conversely, these countries import products such as crude oil, timber, natural gas, copper, and cocoa from Africa, yet ECCAS exports these products outside the continent. The potential effects of AfCFTA entry into force on ECCAS are positive but relatively slight. ECCAS exports to ECOWAS and UMA are likely to increase significantly, as are imports from ECOWAS, if more ambitious measures are implemented. The results also show that ECCAS's trade potential could increase by at least 1.9%.
The study recommends that ECCAS break down barriers on the corridors linking countries, develop integration projects to facilitate the movement of people and goods and strengthen economic cooperation with ECOWAS, AMU, and South Africa. In addition, the African Union must speed up the process of introducing a common African currency and trade facilities to boost trade between the continent's RECs.
The performance of any Nation is measured by its Economic Growth, and this can only happen when tax laws and policies are effective and efficient as to payment of taxes. In modern economies taxes are the important source of government revenue. Studies have focused on indirect taxes, but they were carried out outside Nigeria creating sectorial gap that needs to be filled and also replicating the same in Nigeria. In the last few decades, the tax system in Nigeria has encountered a lot of challenges. These challenges which includes poor tax administration, lack of honesty by the taxpayers, tax evasion, poor record-keeping by taxpayers, lack of qualified tax personnel and inadequate uniformity of tax policies across the three tiers of government, have contributed to the slow growth of tax revenue by the government and have negatively impacted the economic growth of the country. The study therefore examined the effect of Indirect taxes and Economic Growth of Nigeria. The study adopted ex-post facto research design. The study population covered the thirty-six states of Nigeria and the federal capital territory between the year 1990 and 2020. This study population was used because the study covered the entire Nigerian population. Data were sourced from the Central Bank of Nigeria bulletins and the reports of the National Bureau of Statistics for the study. These data sources were deemed to be appropriate for this study because they were validated by external auditors and relevant regulatory agencies. Data were analysed using descriptive and inferential statistics. The findings revealed that Indirect taxes has an insignificant effect on Gross Domestic Product of Nigeria, Adj. R 2 = 0.55, F(4, 27) = 4.729, P > OLUYITAN, MAYOWA PAUL AND ODUNLADE, OLAJIRE AREMU INDIRECT TAXES AND ECONOMIC GROWTH IN NIGERIA Page | 44 0.05). The study recommended that The Government should ensure that favourable macroeconomic policies are made as this will improve the Gross Domestic Product of the economy. Policy makers should ensure that growth of the economy is sustained in terms of its Gross Fixed Capital Formation by making policies that will make payment of taxes prompt and as result will stimulate the economy.
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