Abstract
Due to the increasing importance of human capital for economic growth, this article aims to clarify the relationship between economic growth and human capital by concentrating on the growth effects of an average number of brands in the economy. An endogenous growth model where branding emerges as the “growth engine” of the economy is followed by a quantitative analysis regarding the relationship between brands and economic growth. The findings suggest that developing countries should shift from traditional mass production to high value-added production, such as brand development, to achieve a similar economic performance in developed countries.
Highlights
Growth has always been a major motivation for both companies and national economies all around the world
The effect of valuable brand development on gross domestic product (GDP) per capita is analyzed highlighting the strength of the relationship
Section introduces the endogenous growth model where branding emerges as the “growth engine” of the economy
Summary
Growth has always been a major motivation for both companies and national economies all around the world. Some studies find intangible or intellectual capital as an important economic driver and indicate the positive effect of intangible capital on economic growth in different countries.. Some studies, still argue that there is a lack of support to prove the economic effects of intangible capital. These contradictory findings point out a necessity for more research on the relation between economic growth and intangible capital using alternative methodologies and metrics. In this article, we aim to shed light on this relationship by concentrating on the growth effects of an average number of brands in the economy
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