Factor Of Economic Growth Research Articles

A country’s social demography characteristics are described by population dynamics and technology-based lifestyle changes. Such unique elements may correlate with economic growth and sustainability. In this study, a static panel data model analysis for economic growth and sustainable development of ten emerging economies was presented. Estimation results revealed that social demography factors exhibited a negative significant impact in both economic models, relative to the technological influence. Therefore, effective macroeconomic policies should be meticulously designed against changing demographic trends. Conclusively, by delivering focused public services to the urban area, more liveable cities will emerge to empower human capital development.

Стаття розглядає гендерний вимір інноваційного підприємництва в Україні. Дослідження виявляє важливість створення сприятливих умов для розвитку підприємництва серед жінок у контексті соціально-економічного розвитку. Вона підкреслює значення гендерної рівності як ключового чинника економічного зростання та інноваційного розвитку. Аналізуються виклики та можливості, з якими стикаються жінки-підприємниці, а також їхній потенціал для створення значного впливу на суспільство та економіку. Стаття закликає до подальших досліджень та дій для підтримки інноваційного підприємництва серед жінок, включаючи аналіз існуючих програм та політик, а також розробку нових ініціатив для підтримки жіночого підприємництва. Останнім часом питання гендерної рівності та рівних можливостей для жінок та чоловіків викликає все більший інтерес, навіть у розвинених країнах, де спостерігається тенденція фемінізації. Однак з появою нових технологій та переходом до онлайн-формату знову стає актуальним питання гендерної рівності в контексті нових економічних викликів, таких як розвиток креативних індустрій, цифровізація та автоматизація, що призводять до зростання безробіття та нерівності. Процеси індустріалізації та інформатизації необхідно супроводжувати створенням громадянського суспільства, у якому ключове значення мають відносини між статями. Це вимагає узгодження моральних, традиційних та корпоративних норм з правовими. У цій системі зростає значення норм, які регулюють гендерні відносини. Організація соціального життя з урахуванням гендерного аспекту та розвиток громадських організацій з ґендерною орієнтацією потребують уваги держави та створення відповідних юридичних норм. Загалом, стаття пропонує перспективний погляд на роль та важливість жіночого підприємництва в створенні стабільного та процвітаючого суспільства.

Through this research we aim to make a brief analysis of how the value of educational investments influences the performance of students in Romania. In order to achieve the proposed goal, it is necessary to analyze some specific indicators to education and compare them with similar data from other countries. To carry out this research, both qualitative and quantitative research methods were applied. Education is an essential factor in economic growth and social development. The educational process has a significant role both in the growth of each individual and of society as a whole, being indispensable for personal development and well-being. Investments in education deliver long-term benefits to citizens, publicly funded institutions and the knowledge-based economy as a whole. Research over the last few decades has shown that investments in education and health are associated with the highest rate of return. It is essential to prioritize public investments with the aim of ensuring the performance standards of educational institutions in Romania, in conditions of security and quality. For this, it is necessary for the school infrastructure to function properly, the constructions to be consolidated, the maintenance costs to be costeffective and to ensure the efficiency of the use of space and resources in order to allow the activities of the users to be carried out in optimal conditions of comfort, health and productivity. Also, human capital is quantitatively analyzed as the first economic resource from the perspective of population evolution. In project evaluation, investment efficiency refers to the most effective, economical and rational way of using the investment resources made available to achieve the expected results.

The rising income inequality around the world and its persistence represent a social phenomenon raising concerns at all levels (global, regional and country) for governments and pose huge challenges to master it and to identify effective solutions. The aim of the paper is to provide a comparative insight at the European Union (EU) level involving 25 Member States regarding the interplay between income inequality, economic growth, and institutional quality. Gini Index sourced from World Income Inequality Database, GDP per capita series extracted from the World Bank database, and institutional indicators collected from the World Governance Indicators database represent the examined variables over the period 1990-2022. Their dynamic is comparatively analysed and discussed. The clustering method is applied to identify similarities and differences between European Union countries in terms of the interplay between income inequality, economic growth and institutional factors and to draw relevant conclusions for future effective policy measures meant to reduce inequality and to boost economic growth. The clustering analysis based on the average growth rate of income inequality and per capita GDP revealed that European Union countries are differently facing the challenge of income inequality rising. Six groups of countries with similar paths regarding the income inequality and economic growth were identified. High-income countries face low levels of income inequality but with an upward trend. Economic growth is accompanied with high levels and increasing levels of income inequality. The institutional quality level may strength the capacity of a country to address the problem of rising income inequality, but it remains unclear the interplay of institutional quality dynamic in reducing income inequality. The implications of the paper’s findings are framed in the context of the European policies.

The study examines human capital as a set of socio-economic relations and as one of the determining factors of economic growth. The main attention is paid to the analysis of opportunities to improve the quality of human capital at the local level, based on mechanisms of cooperation among stakeholders and reforming the landscape of local self-government - in particular, through the creation of innovation hubs, the implementation of digitalization projects, and the expansion of the use of artificial intelligence technologies. The opportunities and benefits of direct participation of local communities in international economic relations and global supply chains are demonstrated.

The article provides analysis of the influence of energy consumption on GDP in various regions and countries of the world (America, Europe, Post-Soviet space, Middle East, Africa, Asia-Pacific region). It is shown that: 1) there is a direct linear causal relationship between the growth of energy consumption and economic development in the absence of external effects in the field of energy efficiency; 2) external factors that contribute to the efficiency of energy consumption – ​institutional environment and scientific and technological achievements in the field of energy efficiency; change of the structure of the economy in favor of less energy-intensive industries. Models based on linear algebra, such as the Leontief model, can be used to describe the relationship between energy consumption and economic growth. Energy consumption in different sectors of the economy can have both positive and negative relationships with economic growth. A reduction of the share of industry and agriculture does not guarantee a simultaneous decline of energy consumption in the service sector. There is a direct linear relationship between energy consumption in the services sector as well as in the transportation sector and economic development of different countries around the world. Increased energy consumption in the transportation sector which supports economic development is connected with an increase of the well-being of the population in several countries. The inverse relationship shown by some of the study results does not indicate that all countries studied are more energy efficient. This outcome reflects only the presence of external influences that encourage energy efficiency. Energy saving is not a limiting factor for economic growth, but it does not occur in economic system without a set of external incentives in different sectors of economy.

Aim. To analyze the degree of investment impact on economic growth in modern Russia.Objectives. To study the multiplier effect as a key tool for stimulating economic activity and creating new jobs, developing innovations and reducing social inequality; to identify its significance for the national economy in modern conditions of inherent uncertainty.Methods. The research is based on the empirical study of the multiplier effect and gas pedal effect on the materials of the modern Russian economy. The analysis is based on the use of dynamic time series, definition of dependent and independent variables in the context of identified correlations between them. The data of literary sources on the assessment of the impact of the investment multiplier effect on economic growth were also studied.Results. The multiplier effect can have a significant impact on the formation of the structure of the economy, contributing to an increase in production, reducing unemployment and improving the standard of living of the population. The study of this effect allows us to better understand the mechanisms of economic functioning and develop recommendations for optimizing investment policy to achieve sustainable economic growth, which is important for modern Russia developing under sanctions pressure. The study of paired regression revealed a mathematical relationship between the increase in investment in fixed capital and the growth of gross domestic product (GDP), as well as between GDP growth and the increase in investment in fixed capital. The high correlation coefficient (r = 0.945896) and coefficient of determination (R² = 89.47 %) confirm that there is a strong relationship between fixed capital investment and GDP. This indicates that most of the changes in output can be explained through changes in fixed capital investment.Conclusions. The results of the analysis confirm the importance of investment in fixed capital as a key factor of economic growth and development in modern Russia. Strengthening investment activity allows not only to increase the level of economic development as a whole, but also contributes to the creation of favorable conditions for sustainable growth of income of the population, innovation activity, etc. In this regard, investment stimulation should become one of the priorities in the current Russian economic policy.

The article discusses the issues of increasing the role of scientific expertise in the management of science, education and economics, its impact on the effectiveness and quality of scientific, scientific, technical and educational activities. Scientific expertise in the fields of sciences that have a direct impact on the development of the intellectual capital of society, as the main factor of economic growth and social progress, is of particular relevance and importance. The results of the analysis of the quality of education, the effectiveness of intellectual activity, and the regulatory legal framework in terms of scientific expertise are presented. Based on the identified problems, recommendations are made to improve the legal support and the mechanism for conducting scientific expertise, on the state of which, along with other factors, the level of scientific, technological and socio-economic development of the country depends.

In modern conditions, not only the importance of investments in education and health care as factors of economic growth, but also the role of health and the knowledge economy in shaping the quality of life is growing. The role of values and soft non-financial drivers of development is playing an increasingly important role, both at the level of society as a whole and in the behaviour of corporations and households. Despite the costs of the Western blockade, Russia needs to overcome years of stagnation in spending on science, education, and health care, and to create its own attractive standard and way of life.

Aim. To identify and systematize the factors of innovative development of modern socio- economic system.Objectives. To characterize the contribution of innovation in modern socio-economic development, including the need to achieve technological sovereignty; to analyze the approaches to identifying the factors of innovative development of modern socio-economic system; to propose the author’s systematization of factors of innovative development.Methods. The article is based on the application of mainly monographic method of research; using this method the author has studied approaches to innovative development, which are reflected in the modern economic literature. General scientific and specialized methods of scientific research were also used: analysis and synthesis, grouping method, system analysis, etc.Results. Innovations are recognized as one of the key tools of socio-economic development. Their importance has especially increased in modern conditions, when Russia was under the influence of sanctions of the collective West, limiting its technological development, which actualized the problem of achieving technological sovereignty and reducing the risks of import dependence. The problem of stimulating innovation activity has arisen and actualized, which requires an understanding of the factors influencing it. The study shows that these factors are diverse, there is no single approach to their identification and classification. This requires a combination of the available results of factor analysis in order to identify not only the composition and mechanisms of influence on innovative development of selected factors, but also to determine their mutual influence, which can act both as a stimulant and inhibitor of innovative development of socio-economic system.Conclusions. The formation of innovation potential is one of the key factors of economic growth, a necessary condition for the quantitative and qualitative development of socio-economic system. The research on identification and systematization of factors of innovative development of modern socio-economic system is a necessary prerequisite for this kind of development. The direction of further author’s research is the development of a methodology for assessing innovation potential, taking into account the impact and mutual influence of the identified factors of innovative development.

The issue of environmental degradation has become pertinent and the call for carbon neutrality has intensified in recent years. Achieving this target will require countries to meet the conditions of the sustainable development goals. To do this, the study applied spatiotemporal modelling and the generalized method of moments (GMM) to examine the nexus between economic growth (EG) and the load capacity factor (LCF) through environmental goods (ENG) and environmental tax (ENT) among European Union (EU) nations from 1995 to 2018. The findings demonstrate that spatial dependence leads to a change in EG and LCF that impacts the EG and LCF of the neighbouring countries. The study also found that there is a significant positive and bidirectional relationship between economic growth and load capacity factor. Moreover, the study revealed that a positive effect of ENG, ENT, REN and Human Capital Index (HCI) on EG, with a reducing effect from natural resource rents (NRR). Finally, HCI improves environmental quality, while ENG, ENT, REN and NRR degrade the environment. Our findings justify the need for EU countries and other developed nations to implement policies that will help achieve a green economic transformation.

This researchoutlines how macroeconomic policies and actions can contribute to environmental sustainability while achieving stable economic growth. The problem is that uncontrolled economic growth and lack of attention to the environment have resulted in significant negative impacts, such as climate change and ecosystem degradation.The aim of this research is to explore the integration of environmental factors in development strategies and economic growth. This research method involves literature analysis, environmental impact assessment, and tracking sustainable macroeconomic policies. The research results show that environmental integration in macroeconomics is the key to achieving sustainable economic growth. This involves the use of strict environmental regulations, development of sustainable economic sectors, investment in technological innovation, and cooperation with the private sector. In conclusion, the integration of the environment in development strategies and economic growth brings economic and environmental benefits. In facing ongoing macroeconomic challenges, balanced policies between economic and environmental interests are needed to achieve sustainable development goals.

The aim of the study is to examine the driving factors (inflation rate, interest rate, foreign direct investment, population, and exchange rate) of economic growth in Pakistan during 1999-2022. The study used secondary data and multiple regression analysis. The results found that inflation rate, interest rate, and population have negative impact on economic growth. Furthermore, the result shows that foreign direct investment (FDI), and exchange rate has positive effect on economic growth of Pakistan. Therefore, the main findings suggest that inflation, interest rate, and population are harmful to economic growth. This study adds to the existing literature on the relationship between interest rate, inflation rate, exchange rate, population, FDI and economic growth. The findings suggest that a well-designed macroeconomic policy is needed to control and promote economic growth and development, which will ultimately improve social well-being.

Trade promotes economic growth through comparative advantage, specialization, access to foreign markets, economies of scale, resource allocation, technological progress, knowledge diffusion, and competition. This study is carried out to examine the effect of Chinese Bilateral trade on economic growth in Gulf Cooperation Council (GCC) thus; exports and imports of GCC with China are considered as explanatory variables of economic growth in GCC. Foreign direct investment (FDI) in taken as a control variable. This study analyzes panel data and unit root tests, cointegration test and cointegration regression are applied. Results indicate that variables are cointegrated in long run and exports and imports are determinants of economic growth in GCC. The long run estimates show that exports and imports are positive and significant factors of economic growth but the imports positively affect economic growth more than exports in GCC. The bilateral trade between China and GCC is beneficial for economic growth in GCC thus; GCC must strengthen political and economic ties with China for the development of the region.

This study explores the intricate relationships between monetary policy, inflation rates, and foreign direct investment (FDI) and their collective impact on economic growth in developing countries. Utilizing a comprehensive review of existing literature, this research aims to provide a nuanced understanding of how these macroeconomic factors interact to influence economic development. Monetary policy, often implemented through adjustments in interest rates and money supply, is critical in shaping economic stability and growth. The study reveals that effective monetary policy in developing countries can stimulate economic activity by fostering an environment conducive to investment and consumption. However, the impact of such policies is contingent upon the stability and credibility of the governing institutions, which are often variable in developing regions. Inflation rates, which reflect the general rise in price levels, were found to have a complex relationship with economic growth. Moderate inflation can stimulate spending and investment by reducing the real burden of debt and encouraging consumption. In contrast, high inflation can erode purchasing power and deter both domestic and foreign investment, thereby stifling growth. This study underscores the importance of maintaining inflation within a manageable range to support sustainable economic growth. Foreign direct investment is identified as a key driver of economic development, providing capital, technology transfer, and employment opportunities. The research highlights that FDI can significantly enhance economic growth by supplementing domestic capital, improving infrastructure, and fostering industrial diversification. However, the benefits of FDI are maximized when complemented by stable economic policies and a favorable investment climate. In conclusion, the interplay between monetary policy, inflation, and FDI is crucial in shaping the economic trajectories of developing countries. The study suggests that balanced and coherent policy frameworks are essential to harnessing these factors for sustained economic growth. Future research should explore country-specific dynamics to better understand the differential impacts across various developing economies.

The study shows that the tax systems of the European Union countries have common features and significant differences due to the economic, social and historical characteristics of each state. They are aimed at ensuring sustainable economic development, financing public services and supporting social welfare. Tax accounting and administration in EU countries demonstrates a variety of approaches to the formation of the tax base, rates and collection mechanisms. Some countries, such as Finland, use a progressive taxation scale for individuals, while others, such as Estonia, prefer proportional rates. Differences in corporate tax levels also reflect different models of business incentives and investment attraction. It is important to note the trend towards harmonisation of tax rules within the EU to ensure transparency and competitiveness of economies. At the same time, double taxation avoidance mechanisms and tax incentives are tools that facilitate the integration of EU countries into the global economy. Despite their complexity and differences, the EU tax systems remain factors of balanced economic growth, support for innovation, environmental initiatives and social protection. Understanding their features and current changes is important for businesses operating within the European Union. Another important aspect is the impact of digitalisation and automation of tax administration processes, which significantly increases the efficiency of tax collection and reduces opportunities for evasion. The growing focus on sustainable development is prompting EU countries to introduce environmental taxes, which are becoming a key tool in the fight against climate change and contribute to the formation of a green economy.

The purpose of the study is to identify the characteristics of the Russian proto-industrialization and the early stage of industrial development, based on systematization of the findings in the previous studies, and to express our findings in terms of the new institutional economic history, which was employed as the theoretical and methodological basis of the work. We update the concepts of military modernization and national military power as a maximand of economic policy. We analyze interactions between the government and market forces, the formation of industrial policy in relations to general political, military and fiscal needs of the state. Other social subjects of the Russian (proto-)industrialization are identified: entrepreneurs from the nobility, serf industrialists, members of religious sectarian groups (mainly of the ‘Old Believers’), certain ethnic groups (Germans, Jews), foreign entrepreneurs (or of foreign origin), scientists and inventors. Special reference is attributed to the knowledge production sector, primarily to the creation of institutions for patenting inventions. We discuss the argument by A. Gerschenkron on the advantages of Russia’s backwardness for her catching-up development. In concluding remarks the author formulates Smithian (related to the division of labor and specialization) and Northian (institutional) driving factors of economic growth during the Russian (proto-)industrialization. By analyzing the Northian factors, the author distinguishes between “idealistic” (influence of culture, ideology or social norms) and “stimulating” (influence of material or non-material motivations) approaches. The overall finding is that industrialization in the Russian Empire was carried out through preservation and strengthening of the established institutions, which proved relatively effective in addressing immediate problems but hampered development in the long run.

The study of economic growth factors is of greatest interest in modern economic science. The level of economic development is the key to solving social problems and improving the quality of life of the population. This study examines the impact of capital accumulation on economic growth. The author uses a neoclassical approach to the analysis of economic growth factors. Capital accumulation in the main sectors of the economy – mining, manufacturing, agriculture – is considered as a factor indicator. The main hypothesis of the study is that currently, the accumulation of fixed capital in important sectors of the Russian economy is not enough to significantly increase labor productivity and subsequent economic growth. This requires not only a qualitative, but also a quantitative assessment of the capital accumulation factor. Based on the results of the study, conclusions of practical importance were drawn. Firstly, an increase in capital per 1 worker by 1% leads to an increase in labor productivity by more than 1%, that is, the growth in labor productivity outpaces the growth in capital per 1 worker. Consequently, the capital-labor ratio can be considered as an important factor of economic growth. Secondly, a negative factor should be considered the lag in the pace of production renewal from the pace of withdrawal of fixed assets in industry and agriculture in some regions of Russia, which dictates the need to implement special programs in certain regions of Russia to intensify the development of manufacturing and agriculture. Thirdly, increasing the rate of capital growth per 1 worker for higher growth of labor productivity is advisable only in the manufacturing industry and agriculture, which is associated with the currently lower rates of capital growth per 1 worker in these industries compared to the mining industry.

Abstract This study examines the relationship between biodiversity expenditures, agriculture‐forestry‐fisheries sectors, renewable energy, economic growth, ecological footprint, and load capacity factor for The Netherlands from 1995 to 2019 in the context of the environmental Kuznets curve (EKC) and load capacity curve (LCC) hypotheses. The relationship between the variables is investigated using a novel Fourier‐based Augmented ARDL approach. Our results indicate a long‐term relationship between biodiversity expenditures, agriculture‐forestry‐fisheries sectors, green energy, economic growth, and load capacity factor. In the long run, Fourier‐based Augmented ARDL results reveal that biodiversity expenditures, agriculture‐forestry‐fisheries sectors, and renewable energy do not contribute to environmental sustainability. In other words, biodiversity, renewable energy, and agriculture‐forestry‐fisheries policies implemented in The Netherlands do not improve environmental sustainability. Again, the findings confirm that the EKC hypothesis is not valid for The Netherlands, whereas the LCC hypothesis is valid. In line with the study's findings, biodiversity, renewable energy, and agriculture‐forestry‐fisheries policies in The Netherlands need to be reviewed.

Economic growth, as a development, is influenced by a myriad of factors, both external and internal. While past research has extensively examined external factors such as trade dynamics and foreign direct investment, there exists a notable gap in understanding the internal factors affecting economic growth. This gap is particularly evident in countries categorized by the methodology outlined below. In this study, we examined the impact of both internal and ESG (Environmental, Social, and Governance) factors on economic growth. These factors encompass a wide range of aspects, including demographics, fiscal policies, and institutional quality, among others. The identified internal factors serve as the fundamental pillars that not only contribute to the stability of economic growth but also promote the positive impact of ESG performance on economic development.