Panoeconomicus 2014 Volume 61, Issue 3, Pages: 261-274
https://doi.org/10.2298/PAN1403261N
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Economic growth and intangible capitals: Europe versus Asia
Navarro José-Luis Alfaro (University of Castilla-La Mancha, Faculty of Economics and Business Sciences, Spain)
Ruiz Victor-Raúl López (University of Castilla-La Mancha, Department of Applied Economy - Econometrics, Spain)
Peña Domingo Nevado (University of Castilla-La Mancha, Department of Financial Economics and Accounting, Spain)
At present, the international growth model includes important restrictions
about the consideration of GDP as a unique tool for measurement. In this
sense, taking into consideration the wealth of a country, we must add
intangibles such as human development, country image, employment conditions,
environmental, innovation, public sector efficiency, and synergies to the
variable production, which is defined as national intellectual capital. In
this paper, we use a mathematical model of intellectual capital to determine,
in monetary terms, the intangible elements that have a greater impact on
long-term economic development in European and Asian countries. We have the
main limitation of available information and we provide objective results
using statistical method. By identifying these components, countries will be
able to redirect their policies toward achieving sustainable long-term
growth. The results show that the long-term growth of both continents are
strongly dependent on the skills of their human resources, but register
differences in structural factors such as trade, innovation, or environment.
Keywords: economic growth, intellectual capital, East and West Europe, Asia, wealth