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The Global Economy in the 21st Century: Will the Trends of the 20th Century Continue?

1 Introduction Angus Maddison’s Contours of the World Economy , I - 2030 AD (2007) is perhaps the best world economic history work. Steve Hanke summarized it as the history of three “distinct epochs of economic growth: the Middle Ages 1000–1500, when the world per capita GDP rose by 0.05% per year; the protocapitalistic epoch, 1500–1820, when it grew by 0.07% a year; and the capitalist epoch, 1820–2000, when the rate of growth was 17 times higher than it was in the preceding epoch” ( Hanke 2008 , x). The neoclassical theory of economic growth

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Testing the validity of the Linder hypothesis for Croatia

2018]. 29. World Bank (2018a). GDP per capita (Current US$). Available at https://data.worldbank.org/indicator/NY.GDP.PCAP.CD [01 May 2018]. 30. World Bank (2018b). World Integrated Trade Solution. Available at https://wits.worldbank.org/CountryProfile/en/Country/HRV/StartYear/2000/EndYear/2016/TradeFlow/Import/Partner/ALL/Indicator/MPRT-TRD-VL [01 May 2018].

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Participation Rates of Freshwater Recreational Fisheries in the Counties of Croatia

Out of Recreational Fishing? A Study of Lapsed Fishers from Queensland, Australia. Fisheries, 34, 443-452. World Bank (2019): GDP per capita (current US$). World Bank national accounts data, and OECD National Accounts data files.. https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?locations=BR (accessed on 26 July 2019).

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The Number and Geographical Scope of the EU Foreign Policy Initiatives of Small Member States: Does „smallness“ matter?

International Relations. Oxford: Clarendon Press. http://epp.eurostat.ec.europa.eu/tgm/table.do?tab=table&init=1&language=en&pcode=tps00001&plugin=1(accessed 28 May 2014) http://ec.europa.eu/eurostat/statistics-explained/index.php/ (accessed 29 September 2014) http://ec.europa.eu/eurostat/statistics-explained/index.php/GDP_per_capita,_consumption_per_capita_and_price_level_indices#Further_Eurostat_information (accessed 29 September 2014) http://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG http://stats.oecd.org/Index.aspx?DatasetCode=SNA_TABLE1

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Original article. Cost-effectiveness of annual microalbuminuria screening in Thai diabetics

-CHOICE): costeffectiveness thresholds [internet] 2005 [cited 2011 Aug 24]. Available from: http://www.who.int/choice/costs/CER_levels/en/index.html. 23. The World Bank. GDP per capita (current US$) [internet] 2011 [cited 2012 Aug 24]. Available from: http://data.worldbank.org/indicator/NY.GDP.PCAP.CD. 24. Ma YC, Zuo L, Chen JH, Luo Q, Yu XQ, Li Y, et al. Modified glomerular filtration rate estimating equation for Chinese patients with chronic kidney disease. J Am Soc Nephrol. 2006; 17:2937-44. 25. Thaweethamcharoen T, Sakulbumrungsil R

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How is environmental performance associated with economic growth? A world cross-country analysis

India: Cointegration and Causality Analysis in an Open Economy. Renewable and Sustainable Energy Reviews, Vol 18, pp. 519–527. 39. UNDP. (2016). Human Development Report 2016. Human Development for Everyone . Washington DC, USA. 40. http://epi.yale.edu/reports/2016-report . Accessed 30 June 2017 41. http://data.worldbank.org/indicator/NY.GDP.PCAP.PP.KD?view=chart . Accessed 30.06.2017

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European Smes and Economic Growth: A Firm Size Class Analysis

Abstract

This paper explores the role of micro, small and medium size enterprises in the growth of per capita gross domestic product at European Union level between 2005 and 2010. Using a panel of data from 25 Member States the results show a positive connection between the prevalence of SME in terms of created value added and GDP per capita growth. When investigating the aforementioned relationship at enterprise size class level the results differ considerably. While microenterprises prevalence in terms of created value added does not appear to cause more growth in per capita income at EU level, small and medium sized enterprises are some of the main drivers of the annual per capita GDP growth.

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Determinants of FDI in BRICS Countries: Panel Data Approach

Abstract

We empirically investigates the factors that affect Foreign Direct Investment (FDI) inflows in five BRICS countries for the period 1990–2015. We address the selection bias and unobserved heterogeneity by estimating a panel Heckman selection method and attempts to account for both selection and endogeneity within the new two-stage method. After addressing the above mentioned econometric issues, the infrastructure and GDP per capita variables under the new two-stage method remain positive and significantly similar to the coefficient of infrastructure and GDP per capita under the panel Heckman selection model. In addition, the inverse Mills ratio maintain its level of statistical significance, confirming the presence of both sample selection bias and endogeneity.

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The Impact of Government Expenditures upon Economic Growth in Post-Communist Countries

Abstract

This paper examines the relationship between the structure and share of government expenditure into Gross Domestic Product (GDP) and the real GDP per capita. Our study uses a micro panel data for a sample made of ten countries from Central and East European, for the period 2002-2012. The empirical results of the linear regression show that the GDP/capita is positively correlated with public order and safety expenditures as well as with economic actions, while national defense and general public services are negatively correlated. The results obtained largely correspond with the ones reached by other researchers approaching the topic of the relationship between economic growth and composition of the government expenditures. The health and education expenses, though instrumental for the long-term development of any society, did not show any significant impact upon the evolution of the GDP/capita, probably as a result of the short-term available data.

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Technology Creates 21St Century Wealth — Processes, Problems, and Prognosis

Abstract

Science and technology are the driving forces increasing the global standards of living. The technology - wealth relationship is complex and not well understood presently but recent macro data tends to support Robert Solow’s 1957 observation that societal, company, and individual wealth and increased standards of living is created by application of science and technology to socio-economic challenges. In 1987, Robert Solow received the Nobel Prize in Economics, for his insight that “seven-eighths” of the world’s increase in world wealth is due to advances in science and technology. The challenges and costs of of wealth creation are identified. This paper explores wealth as defined by GDP/capita, and the current correlations between world/GDP per capita and R&D spending, the number of scientific and technical articles, and number of patents applications from 2000 to 2012/2013 with a forecast of world GDP/capita to 2025 of approximately $15,000 USD from today’s $10,000 USD.

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