Are natural resources, sustainable growth and entrepreneurship matter endogenous growth theory? The strategic role of technical progress

Abstract

The increasing environmental degradation is a major obstacle, despite the fact that the world has done a good job of dealing with sustainable development recently. This research sets out to fill that gap by examining 38 Asian economies from 2000 to 2021 in an effort to identify the novel factors that will determine sustainable growth. Progress in technology, availability of raw materials, technological advancement, and entrepreneurship are some of the factors that determine this. Similar to previous empirical research, this study's aims are investigated using the following tests: system GMM, quantile GMM, GMM, two-stage system, and one-step system GMM. Nonetheless, the results of the study show that technological innovation, gross capital creation, and the domestic labor force all contribute positively to economic development. In a similar vein, the endogenous growth hypothesis predicts that when economies develop rapidly, their use of natural resources would decrease. Additionally, some economies see a rise in growth when they engage in entrepreneurial activity and use renewable energy sources. This report also recommends some viable approaches for Asian countries to achieve fast development through the management of natural resources.