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Determinants of GDP growth in Scandinavian countries with special reference to scientific progress

Author

Listed:
  • Adam Chlebisz

    (Cracow University of Economics, Kraków, Poland (student))

  • Mateusz Mierzejewski

    (Cracow University of Economics, College of Economics, Finance and Law, Department of Organizational Development, Kraków, Poland)

Abstract

Objective: The study is aimed at verifying the main determinants of GDP growth in Scandinavian countries with special regard to scientific progress. Research Design & Methods: The theoretical part presents economic growth models (Romer learning-by-doing model and McMahon endogenous growth model). In the empirical study, they were verified on the example of Scandinavian countries. For this purpose, multiple regression analysis was used. Models have been developed to explain GDP per capita (as a measure of development) using variables determining work, human and physical capital. The variables included especially determinants of education, scientific development and new technologies. Findings:The study showed that the economic growth of Scandinavian countries is strongly associated not only with the development of factors mentioned in classical growth models (referring to scientific progress) but also the others, e.g. witch increase of medium and high-tech exports as % of manufactured exports in Sweden and Denmark. Moreover, it was indicated that scientific progress plays a particularly important role in the economic growth in these countries. Contribution & Value Added: The study provides current confirmation of theoretical models of economic growth for highly developed countries, where education and human capital are very important in the context of their development. Also, key determinants constituting the economic development of these countries were indicated. Similar verification may be used in the future for medium-developed and developing countries.

Suggested Citation

  • Adam Chlebisz & Mateusz Mierzejewski, 2020. "Determinants of GDP growth in Scandinavian countries with special reference to scientific progress," International Entrepreneurship Review, Centre for Strategic and International Entrepreneurship at the Cracow University of Economics., vol. 6(3), pages 21-35.
  • Handle: RePEc:krk:ientre:v:6:y:2020:i:3:p:21-35
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    File URL: https://ier.uek.krakow.pl/index.php/pm/article/view/1989/2101
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    Citations

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    Cited by:

    1. Oliinyk Olena & Bilan Yuriy & Mishchuk Halyna, 2021. "Knowledge Management and Economic Growth: The Assessment of Links and Determinants of Regulation," Journal of Management and Business Administration. Central Europe, Sciendo, vol. 29(3), pages 20-39, September.
    2. Ane-Mari Androniceanu & Raluca Dana Căplescu & Manuela Tvaronavičienė & Cosmin Dobrin, 2021. "The Interdependencies between Economic Growth, Energy Consumption and Pollution in Europe," Energies, MDPI, vol. 14(9), pages 1-23, April.

    More about this item

    JEL classification:

    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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