scholarly journals AN EMPIRICAL ANALYSIS OF DETERMINANTS OF ECONOMIC GROWTH OF REPUBLIC OF NORTH MACEDONIA

2019 ◽  
Vol 31 (1) ◽  
pp. 49-53
Author(s):  
Luljeta Sadiku ◽  
Murat Sadiku ◽  
Violeta Madzova
Keyword(s):  
Economic Growth ◽  
Correction Method ◽  
Vector Error Correction ◽  
Knowledge Based ◽  
Knowledge Based Economy ◽  
Standards Of Living ◽  
Integration Test ◽  
Main Determinants ◽  
Sustainable Economic Growth ◽  
Determinants Of Economic Growth

Every country’s aim is to reach prosperous, innovative, competitive and dynamic knowledge- based economy with sustainable economic growth capable for providing higher standards of living to its population. The rise of GDP in real terms entails enlargement of economic resources that not only meets the current economic needs but also affords a better future for next generations. In fact, a key determinant of economic growth is investment, both in physical and human capital, having influence on the improvement of competitiveness, employment and productivity, which in turn contribute to GDP growth. However, during the last decade North Macedonia features with a remarkable upsurge of concern about sustainability of economic growth. Thus, the main goal of this paper is to empirically analyze the main determinants that promote the economic growth of the country. For that purpose quarterly data are utilized for the time period 1999Q1-2017Q4. The research method consists to the time series econometric techniques, using Vector Error Correction Method (VECM) and Johansen co-integration test for investigating both short term and long term determinants.

scholarly journals Schumpeterian aspects of growth and its correlative classical and neoclassical approaches

2021 ◽  
pp. 85-117
Author(s):  
Sergio A. Berumen
Keyword(s):  
Economic Growth ◽  
Important Determinant ◽  
Jel Classification ◽  
Central Concept ◽  
Goods And Services ◽  
Palabras Clave ◽  
Standards Of Living ◽  
Capital Humano ◽  
Sustainable Economic Growth

Economic Growth is a central concept in Economic Theory. Most of the modern societies regard growth as an important determinant for rising standards of living. Their effects can be observed not only in more goods and services but also in brand new processes. Investment in human capital is re-garded as the very source of long-term, sustainable Economic Growth. The purpose of this paper is to provide a brief description of Economic Growth, how to approach its measurement, and to provide a brief review of the Schum-peterian thought and the main schools that have undertaken from the Classical and Neoclassical Approaches. Key Words: Economic Growth; Schumpeterian Thought; Classical and Neo-classical Approaches. JEL Classification: B12, B13, B52, O43, O49. Resumen: El crecimiento económico es un concepto fundamental de la teoría económica. La mayoría de las sociedades modernas consideran el crecimiento como una determinante importante para el incremento de los niveles de vida. Sus efectos se pueden observar en el aumento de bienes y servicios, pero también en la disponibilidad de nuevos procesos. En este escenario, la inver-sión en capital humano es, de hecho, la fuente original del crecimiento económico a largo plazo y de manera sostenible. El objetivo del presente trabajo consiste en explorar los principales rudimentos del crecimiento económico, de su preceptiva medición y de mostrar las aportaciones originales alcanzadas desde el Pensamiento Schumpeteriano, así como de su contrastación con las perspectivas Clásicas y Neoclásicas. Palabras clave: Crecimiento económico; Pensamiento Schumpeteriano; aproxi-maciones Clásica y Neoclásica.

scholarly journals IMPORTANCE OF PATENT AND INNOVATION IN EDUCATIONAL INSTITUTIONS

2015 ◽  
Vol 3 ◽  
pp. 271-275 ◽  
Author(s):  
Mario Al Kassiri ◽  
Tatiana Čorejová
Keyword(s):  
Economic Growth ◽  
Educational Institutions ◽  
Foreign Investors ◽  
Knowledge Based ◽  
Knowledge Based Economy ◽  
Innovation Projects ◽  
Start Ups

This articles discusses the importance of converting knowledge into realizable output, which can subsequently be patented. Patenting, in itself, is already the result of a completed and difficult process. The importance of patenting is not only advantageous for the author patent, but also for the whole society and knowledge-based economy. In this article, we explain not only the effect of patenting on the economy as a whole, along with its advantages, but also possible acceleration in process of patenting. Universities rely on the important aspect of innovation and patenting, whereas innovation and patenting alone support the economic growth. Lack of projects covering patenting process may cause less outputs of innovation. Projects which support the development of innovation and start-ups have big potential in reducing unemployment and increasing the motivation of new foreign investors.

Higher Education Institutions as Viable Systems

2020 ◽  
pp. 1-25
Author(s):  
Dejana Zlatanović ◽  
Verica Babić ◽  
Jelena Nikolić
Keyword(s):  
Higher Education ◽  
Conceptual Framework ◽  
Higher Education Institutions ◽  
Education Institution ◽  
Viable Systems ◽  
Knowledge Based ◽  
Knowledge Based Economy ◽  
Key Factor ◽  
Viable System ◽  
Sustainable Economic Growth

In a knowledge-based economy, higher education institutions (HEIs) are a key factor in fostering innovation and play a central role in sustainable economic growth and development. Growing complexity of HEIs and their environments requires systemic, i.e. cybernetic approach to innovation. The chapter highlights the importance of introducing a cybernetic framework for innovativeness of higher education institutions by their examination in conceptual framework of organizational cybernetics (OC). The purpose is to demonstrate how viable system model (VSM) as a key methodological tool of OC can help understanding the viability and innovativeness of HEIs. In addition, higher education institutions are investigated in a conceptual framework of VSM through the case of the public higher education institution (HEI) in Serbia. The main contribution of the chapter is related to practical implications of presented framework including the strengths and weaknesses of a VSM application.

INNOVATION, PATENTS AND ECONOMIC GROWTH

2007 ◽  
Vol 11 (02) ◽  
pp. 279-297 ◽  
Author(s):  
RIFAT A. ATUN ◽  
IAN HARVEY ◽  
JOFF WILD
Keyword(s):  
Economic Growth ◽  
European Union ◽  
Competitive Advantage ◽  
Life Sciences ◽  
The European Union ◽  
Enterprise Value ◽  
Knowledge Based ◽  
Knowledge Based Economy ◽  
The Us ◽  
The Eu

Empirical evidence demonstrates the value of intellectual property (IP) in creating economic growth, enhancing productivity and profitability, and increasing enterprise value. Research and Development (R&D) intensive industries, such as the life sciences, where patents are critical to competition, need an enabling environment to institutionalise innovation and IP generation and reward investments in IP. The US has approached IP strategically and created an IP infrastructure. Japan aims to develop into an "IP nation". China has an increasingly well-developed IP system. In contrast, the European Union (EU), which aims to become the world's leading knowledge-based economy, has a fragmented and expensive system of national patents. It lacks an environment which values investment in IP generation and management. Until recently, the EU enjoyed global competitive advantage in the life sciences, but this advantage has been lost. To regain this competitive advantage the EU must invest substantially in R&D, IP generation and commercialisation of these outputs.

The Role of Urbanisation in the Economic Development Process: Evidence from Nigeria

2017 ◽  
Vol 11 (3) ◽  
pp. 223-255 ◽  
Author(s):  
Sakiru Adebola Solarin
Keyword(s):  
Economic Growth ◽  
Least Squares ◽  
Error Correction ◽  
Industrial Development ◽  
Ordinary Least Squares ◽  
Vector Error Correction ◽  
Vector Error ◽  
Long Run ◽  
Determinants Of Economic Growth ◽  
The Relationship

The aim of this article is to investigate the relationship between urbanisation and economic growth, while controlling for the agricultural sector, industrial development and government expenditure in Nigeria. The autoregressive distributed lag (ARDL) approach to cointegration is applied to examine the long-run relationship between the variables over the period 1961–2012. In the process of estimating the long-run coefficients, the ARDL method is augmented with a fully modified ordinary least squares (FMOLS) estimator and a dynamic ordinary least squares (DOLS) estimator. The direction of causality between the variables is examined through the vector error correction method (VECM) Granger causality test. The results establish the existence of a long-run relationship in the variables. The results of the long-run regressions indicate the presence of long-run causality from urbanisation, agriculture and industrialisation to economic growth. Due to the deficiencies associated with the single-equation methods (including the ARDL model), we also use the structural vector error correction model (SVECM) to analyse the relationship between the variables. The impulse response and variance decomposition analyses derived from the SVECM method suggest that urbanisation, agriculture and industrialisation are important determinants of economic growth. The implications of the results are discussed. JEL Classification: Q43, O55, O18

scholarly journals Vocational Tendencies of Young Generation in the Development of Perception: A Survey Analysis on Entrepreneurship Profiles of Erzincan University Stud

2017 ◽  
Author(s):  
Aslı Cansın Doker ◽  
Sevgi Elverdi ◽  
Mine Gerni ◽  
Ömer Selçuk Emsen
Keyword(s):  
Economic Growth ◽  
Production Factor ◽  
Pareto Optimum ◽  
Young Generation ◽  
Survey Analysis ◽  
Future Production ◽  
The Future ◽  
Innovative Thinking ◽  
Main Determinants ◽  
Determinants Of Economic Growth

Entrepreneurship, which is one of the most important elements of the production-supply dimension of the economy, is also the main determinants of economic growth, including economic growth in the context of positive externalities emerging from the information age. It is clear that the development is linked to industrialization, which is related to spirit of innovative thinking. Therefore, undeveloped must be considered in concert with the lack of innovative thinking. According to Schumpeter, who defines entrepreneurship in such an understanding as "the replacement of the present and the future of Pareto Optimum with tomorrow's new and different things," this factor also encompasses innovation. Therefore, factors such as the characteristics of the entrepreneur, the risk perception profile and the socio-economic, socio-cultural and demographic structure of the population in which it is located can have significant effects on the development and development of entrepreneurship. In this study, it is aimed to investigate what factors are more effective on the perception of entrepreneurship by using the statistical methods on Erzincan University Students, taking into consideration that today's students will be the future production factor (labor or enterprise). Another important goal of the paper is to determine whether the entrepreneurship factor, which has a significant role in the development of the country and especially in urban development, is based on scientific or traditional elements. It can be considered that the existence and sustainability of the enterprise spirit will be tested with the awareness of the opportunities and opportunities for incentives to act rationally.

scholarly journals The Determinants of Economic Growth in CEMAC through a Panel Data Approach

2016 ◽  
Vol 4 (2) ◽  
pp. 483
Author(s):  
Nzingoula Gildas Crepin
Keyword(s):  
Economic Growth ◽  
Panel Data ◽  
Fixed Effects ◽  
Good Governance ◽  
Generalized Method Of Moments ◽  
Central Africa ◽  
Ordinary Least Squares ◽  
Fixed Effects Model ◽  
Main Determinants ◽  
Determinants Of Economic Growth

<div><p><em>This article highlights through a panel data approach the determinants of economic growth; observed over the last decade in the Economic and Monetary Community of Central Africa (CEMAC) and necessary to reach emerging economies stage. To do this, we essentially used Stata 12 software to come up with the results, and a panel data sample comprising six CEMAC member states, namely Congo, Cameroon, Gabon, Equatorial Guinea, Central African Republic and Chad, for the period ranging from 2000 to 2013. The results obtained after estimating ordinary least squares, fixed effects model, random effects model, generalized method of moments (GMM) and specification tests show that the best model to estimate these types of data is the fixed effects model. Besides, the main determinants of economic growth in CEMAC over that period are Foreign Direct Investment (FDI) and loans lending to the economy (LOAN). After estimation, FDI is found positive and significant on economic growth, while LOAN is significant and found negative maybe due to lack of good governance.</em></p></div>

scholarly journals Challenges of the Knowledge Based Economy in East Asia

2016 ◽  
Vol 8 (2) ◽  
pp. 36-49
Author(s):  
Virachai Vongbunsin ◽  
John Walsh
Keyword(s):  
Economic Growth ◽  
Human Resources ◽  
East Asia ◽  
State Level ◽  
Knowledge Based ◽  
Knowledge Based Economy ◽  
Social Level

The knowledge-based economy (KBE) is widely considered to be the foundation of the next stage of economic growth, following agriculture, manufacturing and services. Countries seeking to enter the KBE must take care to ensure that their resources ‘particularly human resources ‘ are willing and able to fulfil the roles requested of them. That in turn means that countries must be aware of what challenges and difficulties they will face in taking this next step in development. This paper attempts to outline at the macro-social level the issues involved in this process with a view to identifying an agenda of state-level developmental goals to be tackled.

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