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.
William Bradley Zehner, Craig Williams and Gary Pletcher
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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Zelleke, G., Sraiheen, A., & Gupta, K. (2013). Human capital, productivity, and economic growth in 31 sub-saharan african countries for the period
The aim of the article is to identify the main tendencies in the dynamics of interregional disparities in the level of socio-economic development in Russia during periods of economic growth and crisis. These trends have been identified on the basis of an analysis of the regional coefficient of asymmetry of key per-capita indicators (GDP, investment in fixed capital etc.) as well as indicators of spatial concentration in Russia and deviations from the average (for GDP, per capita GDP and investments) at the federal district and regional levels. The main factors driving the dynamics of these disparities were the economic crisis, government anti-crisis measures and measures of social support. Comparison of the level of interregional disproportions in Russia and abroad indicated that the differences between levels of socio-economic development at the federal level are comparable with differences in EU countries, but at the level of regions - with countries of the world.
Daniel Kwabena Twerefou, Frank Adusah-Poku and William Bekoe
The Environmental Kuznets Curve (EKC) hypothesis postulates an inverted U-shaped relationship between different pollutants and economic growth. In Ghana, as in many other developing countries, there exist scanty studies that confirm or otherwise the EKC hypothesis with regards to CO2 emissions as well as the factors that drive CO2 emissions. This work aims to bridge this knowledge gap by addressing these two major questions using data from 1970 to 2010 and the Auto Regressive Distributed Lag (ARDL) Bounds Testing approach. The results rather suggest a U-shaped relationship between per capita GDP and CO2 emissions per capita indicating the non-existence of the EKC hypothesis for CO2 in Ghana. This implies that further increase in per capita Gross Domestic Product (GDP) will only be associated with increase in CO2 emissions as the income per capita turning point of about $624 at constant 2000 prices occurred between 1996 and 1997. Furthermore, our results reveal energy consumption and trade openness are positive long run drivers of CO2 emissions. It is therefore recommended that the enhancement of trade liberalization policies should ensure the use of cleaner technologies and products while investment in cleaner energy alternatives could help reduce CO2 emissions. We also recommend the implementation of the Low Carbon Development Strategy which integrates development and climate change mitigation actions.
Andriy Stavytskyy, Vincent Giedraitis, Darius Sakalauskas and Maik Huettinger
This paper investigates the historical trends in economic development through the impact of economic depressions and emissions of greenhouse gasses, namely carbon dioxide (CO2). The analysis includes four countries: the United States, the United Kingdom, Germany and Japan. The focus, therefore, will be on the impact of two economic crises and their effect on global warming. Temperature changes in the longer period are very often regarded as a result of human activity, which can be measured by the increase of GDP (per capita). The findings indicate that GDP (per capita) parameters cannot be considered as correct measures of human pollution activity. The results show that the long-run temperature can be evaluated with the help of annual average temperatures of the previous four years. The proposed model does not only provide quite satisfactory forecasts, but is very stable with coefficients variables that can make a model more reliable for practice.
The main aim of this paper is to present the concept of regional distance as a measure of economic diversity at the regional level. Additionally, the paper is devoted to the identification of regional inequalities in Poland, based on the metric presented. Estimates of the regional distance between specific regions (NUTS 2) and the mean level of development of the national economy or Mazowieckie Voivodship (the region with the highest GDP per capita in Poland) were based on calculations conducted using logarithmic equations. Two different distances were calculated: (a) the mean number of years required to achieve the present reference area level of development, (b) the mean number of years necessary to achieve the reference area GDP per capita, taking into consideration the growth rate of the reference area. The empirical example of regional distance application revealed significant inequalities between regions of Poland at NUTS 2 level.
This article analyzes comparative price levels of 10 new EU member countries from Central, East, and South-East Europe and discusses their main determinants. A comparison of comparative price levels is logically followed by a comparison of relative GDP per capita in purchasing power parities. Further, the Balassa-Samuelson efect is theoretically explained and empirically tested using a sample of EU27 countries (excluding Luxemburg). The results of simple regression analysis confrm that diferences in comparative price levels can be explained by the diferences in relative GDP per capita in purchasing power parities. Besides the Balassa-Samuelson efect there are, however, many other factors that have an impact on comparative price levels. Tey are related to the lower competitiveness of domestic companies on international markets as the result of such factors as a lower quality of production, inefcient organizational structures and management styles, insufcient marketing and business skills, or a poor approach to international distribution channels.
(% of GDP) . Available at https://www.finance.gov.mk/en/node/2678 [10 May 2018].
15. Nayab, H. (2015). The Relationship between Budget Deficit and Economic Growth of Pakistan. Journal of Economics and Sustainable Development , Vol. 6, No. 11, pp. 85-90.
16. Saleh, A. S. (2003). The Budget Deficit and Economic Performance: A Survey. Department of Economics, University of Wollongong , Working Paper 03-12, pp. 1-56. Available at http://ro.uow.edu.au/commwkpapers/78 [10 May 2018].
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Miha Marič, Jasmina Žnidaršič, Miha Uhan, Vlado Dimovski, Marko Ferjan, Maja Djurica, Mitja Jeraj and Matej Janežič
Thurik, A. R. (2003). Entrepreneurship and unemployment in the UK. Scottish Journal of Political Economy, 50 (3), 264-290, http://dx.doi.org/10.1111%2F1467-9485.5003001
Thurik, A. R., Carree, M. A., van Stel, A. & Audretsch, D. B. (2008). Does self-employment reduce unemployment? Journal of Business Venturing, 23 (6), 673-686, http://dx.doi.org/10.1016%2Fj.jbusvent.2008.01.007
Van den Bergh, J. C. J. M. (2009). The GDP paradox. Journal of Economic Psychology, 30 (2), 117-135, http://dx.doi.org/10.1016/j