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Human Development and Quality of Institutions in Highly Developed Countries

In: Financial Environment and Business Development

Author

Listed:
  • Adam P. Balcerzak

    (Nicolaus Copernicus University)

  • Michał Bernard Pietrzak

    (Nicolaus Copernicus University)

Abstract

The article concentrates on the problem of influence of quality of institutional system in the context of utilizing the potential of knowledge-based economy (KBE) on the human development in highly developed countries. In order to measure the quality of institutional system, a synthetic measure based on multivariate analysis techniques was proposed. To obtain the institutional measure, TOPSIS method was applied. To quantify the institutional factors, the data from Fraser Institute was used. As diagnostic variables of quality of institutions, 29 variables qualified to four aspects of national institutional systems were used: (a) formal regulations influencing entrepreneurship, (b) effectiveness of juridical system in keeping low level of transaction costs and supporting effectiveness of market mechanism, (c) competitive pressure and effectiveness of labor markets, and (d) financial market institutions as a stimulator of development of enterprises with high growth potential. The Human Development Index (HDI) proposed within United Nations Development Programme was used for measuring the quality of life. The estimation of relation between institutions and the human development was made with econometric dynamic panel model. The estimation was made for 24 European Union countries for the years 2004–2010. The econometric analysis shows the positive influence of quality of institutions on the human development in the context of knowledge-based economy in developed countries.

Suggested Citation

  • Adam P. Balcerzak & Michał Bernard Pietrzak, 2017. "Human Development and Quality of Institutions in Highly Developed Countries," Eurasian Studies in Business and Economics, in: Mehmet Huseyin Bilgin & Hakan Danis & Ender Demir & Ugur Can (ed.), Financial Environment and Business Development, pages 231-241, Springer.
    • Handle: RePEc:spr:eurchp:978-3-319-39919-5_18
    DOI: 10.1007/978-3-319-39919-5_18
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    Citations

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    Cited by:

    1. Long, Kaisheng & Omrani, Hichem & Pijanowski, Bryan C., 2020. "Impact of local payments for ecosystem services on land use in a developed area of China: A qualitative analysis based on an integrated conceptual framework," Land Use Policy, Elsevier, vol. 96(C).
    2. Lianne Hans & Sierdjan Koster, 2018. "Urbanization and start-up rates in different geographies: Belgium, the Netherlands, and Sweden," Small Business Economics, Springer, vol. 51(4), pages 1033-1054, December.
    3. Mohsen Ahmadi, 2021. "A Computational Approach to Uncovering Economic Growth Factors," Computational Economics, Springer;Society for Computational Economics, vol. 58(4), pages 1051-1076, December.
    4. Kamalu, Kabiru & Wan Ibrahim, Wan Hakimah, 2022. "The Influence of Institutional Quality on Human Development: Evidence from Developing Countries," Jurnal Ekonomi Malaysia, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, vol. 56(1), pages 93-105.
    5. Adam P. Balcerzak & Michal Bernard Pietrzak, 2015. "Research and development expenditures and quality of life in European Union countries," Ekonomia i Prawo, Uniwersytet Mikolaja Kopernika, vol. 14(3), pages 285-302, September.
    6. Juan Manuel Aristizábal & Gustavo A. García, 2021. "Regional economic growth and convergence: The role of institutions and spillover effects in Colombia," Regional Science Policy & Practice, Wiley Blackwell, vol. 13(4), pages 1146-1161, August.
    7. Adam P. Balcerzak & Michal Bernard Pietrzak, 2016. "Dynamic Panel Analysis of Influence of Quality of Human Capital on Total Factor Productivity in Old European Union Countries," Working Papers 19/2016, Institute of Economic Research, revised May 2016.
    8. Rafael Barreiros Porto & Gordon Robert Foxall, 2022. "The marketing‐finance interface and national well‐being: An operant behavioral economics analysis," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(7), pages 2941-2954, October.
    9. Rukhsana Kalim & Noman Arshed & Waqas Ahmad, 2021. "Aligning the Real Sector Production with Human Development: Exploring Role of Multi-sector Collaboration," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 157(3), pages 955-976, October.
    10. Adam P. Balcerzak & Michał Bernard Pietrzak, 2015. "Quality of Institutions for Global Knowledge-based Economy and Convergence Process in the European Union," Ekonomia journal, Faculty of Economic Sciences, University of Warsaw, vol. 42.
    11. Md. Golam Kibria & M. M. K. Toufique, 2023. "Institutional governance and quality of life: evidence from developing countries," SN Business & Economics, Springer, vol. 3(3), pages 1-20, March.

    More about this item

    Keywords

    Institutional economics; Quality of institutions; Human Development Index; TOPSIS; Panel analysis;
    All these keywords.

    JEL classification:

    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • C38 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Classification Methdos; Cluster Analysis; Principal Components; Factor Analysis

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