Research on the Impact of Standardization on Economic Growth

Abstract

The relationship between standardization and economic growth has received increasing attention. This article first gives different classifications of standards, including classification based on economic purposes. The analysis shows that standards have economic effects in reducing information asymmetry, promoting economies of scale, expanding division of labor, and accelerating technology transfer and diffusion. The research literature of foreign standards on economic growth shows that standards are an important factor in promoting economic growth. Empirical results (mainly based on the Cobb-Douglas production function or VAR model) show that there is a significant positive correlation between standards and economic growth, and standards can effectively promote Economic growth. In addition, the Granger causality test between the standard and economic growth points out that economic growth is the Granger reason for the standard, indicating that the standard is not an exogenous variable independent of the economic system, and the standard level is affected by the economic level of a country. It is an endogenous variable determined by the economic system. At the end of the article, it also gives suggestions on possible future research directions, from the perspectives of the impact of splitting to standard sub-categories, management standards, economic growth quality, and institutional economics.