Entrepreneurial types and economic growth

Most literature on economic growth focuses on expenditure in research and development (R&D) because of its ability to produce technological change. Models based on this principle, however, fail to account for the exceptional growth exhibited in recent year by country such as China where R&D expenditure is virtually non-existing and for the lack of growth observed in countries such as Japan where R&D expenditure is significant. We propose a model in which entrepreneurs may be research-based (those incurring R&D expenditure) or imitators (those not incurring R&D expenditure) and show that, when the returns to R&D expenditure are low, such as in many emerging economies, the presence of a high number of imitative entrepreneurs who increase competition and product supply is sufficient to generate economic growth regardless of the distribution of activity between research-based and imitative and in spite of low R&D expenditure.     

志怀 远见 重构经济增长的秩序

2020年是复杂的、模糊的,它将是一系列变量综合影响的结果,是好是坏,不得而知。2020年又是清晰可见的,它是目标清晰、路径清晰、办法清晰的中华民族伟大复兴征程中的一个划时代节点,承前启后,别无选择。2019年12月20日,第十二届《浙商》年会在杭州国际会议中心举行。本届年会由浙江日报报业集团、浙商发展研究院(浙商智库)指导,《浙商》杂志、世界浙商网主办,以“志怀与远见”为主题,深入分析全球热点,全面展望崭新趋势,为浙商创新求变赋能,为民营经济新一轮发展增添信心、力量和智慧。     

关于财政分权与经济增长的研究

许多发展中国家在上世纪90年代陆续开展了财政分权理论与实证研究,由于财政分权已成为财政体制改革的关键措施,特别是实行经济体制改革的国家,多数都想依靠财政分权来促进本国经济增长,中国进行的经济体制改革也体现了财政分权的过程.本文从财政分权和经济增长的涵义入手,通过分析两者的作用机理,对财政分权与经济增长的关系进行了简要阐述.     

Federal policy and economic growth

I am quite concerned about the high and rising levels of federal debt we will have in the long term unless our policies are changed. But as I look out to the next several years, I am much more worried about the prospect of sharp cuts in federal spending that would be damaging to the country’s long-term growth prospects. We are on track to significantly cut federal investment in infrastructure relative to the historical pattern, and this would be a terrible mistake. There is no evidence that this administration’s policies will lead to faster economic growth, on balance, and setting expectations of 3 or 4% growth does not advance the national discussion. As we make changes in government policies, we should give distributional concerns significant weight. If we continue to support policies that are good for the economy as a whole but bad for lower- or middle-income people, we need to step up with practical policies to compensate those people for their losses.     

Trade structure and economic growth

Abstract

How do the number of trade partners and the concentration of trade among partners affect the economic growth of a country? We refer to these characteristics as the structure of trade, and explore this question empirically in this study. We find that the structure of trade, independently of the level of trade itself, has an important effect on the rate of economic growth. The results of the study suggest that the number of trading partners is positively correlated with growth across all countries, and this effect is more pronounced for rich countries. Trade concentration is positively correlated with growth for all countries, and the effect is concentrated in poor countries. Previous work has overlooked these characteristics of trade, although we find them to be quite relevant and that they could lead to new ways of understanding the trade – growth relationship.     

Export externalities and economic growth

Feder formulated the first model with an explicit mechanism connecting international trade and economic growth. We present new econometric estimates of this unique model for 30 developing countries studied by Feder. We replicate Feder's 1964?–?73 cross-section estimates for 1974?–?83 and 1984?–?93 and find that the export variables lose significance and that the model has less explanatory power overall. We also try to improve on time-series estimates by Ram and find that the coefficient of Feder's total factor productivity differential in favour of the export sector was positive and significant for 18 of the 30 countries. The export externality coefficient proved to be positive and significant in 13 countries although significant multicollinearity occurs in the regressions for eight of the 13. Comparisons of the results among countries suggest that the impact of exports on growth depends on population size, trade orientation, and the importance of manufacturing.     

Culture, freedom and economic growth: Do cultural values explain economic growth?

Economic freedom, the ability of a society to conduct business in an unfettered manner without government intrusion, is a key determinant of economic success, but national culture, too, is thought to play a significant role in shaping a nation's business environment. This article combines data from a bench-mark report, the Index of Economic Freedom, with two competing measures of national culture to posit a significant relationship between measures of culture, economic freedom, and economic growth. We discuss the implications of this relationship for business and for further academic research.     

Inflation and economic growth in LDCs

Economists find it difficult to reach agreement about the effects on economic growth of depreciation of the money value. One reason is that they define certain terms in different ways, another one is that many other factors as well as inflation have an impact on economic growth. They may intensify or compensate for positive and negative relations between inflation and economic growth.     

我国对外贸易与经济增长浅析

作为一个加入WTO的发展中大国,国际贸易对我国经济增长的影响和作用日益凸显,也成为国人关注的热点议题.大力开展国际贸易,对任何国家的国民经济发展都十分重要.针对我国国际贸易与经济增长相关关系这一内容,国内外学者作了大量研究,得出了各自不同的结论,但就二者之间存在着怎样的数量关系没做详细的分类情况的探讨.     

Minimum wage regulation and economic growth

This paper investigates the long-run growth implications of minimum wage regulation (MWR) enforced nationally using a familiar aggregate growth model. The paper shows that MWR, if it is effective, always lowers the rate of growth, and that the minimum wage floor, if it is sufficiently high, causes the economy to decay all the way toward the origin. The effects of a “wage-mark-up” policy, a variation of MWR, are also examined.     

Relationship between tourism and economic growth

The main goal of this paper is to determine whether tourism activity stimulates economic growth. The study indicates the main variables affecting tourism activity and shows a feedback effect between income and tourism. Findings indicate that tourism not only supplies necessary funds to finance firms' activities, but also stimulates the local firms' productivity and creates new job opportunities that increase the country's welfare. Variables that have important effects on tourism activity, such as entrepreneurship and prices have also been considered.     

我国对外贸易与经济增长浅析

作为一个加入WTO的发展中大国,国际贸易对我国经济增长的影响和作用日益凸显,也成为国人关注的热点议题.大力开展国际贸易,对任何国家的国民经济发展都十分重要.针对我国国际贸易与经济增长相关关系这一内容,国内外学者作了大量研究,得出了各自不同的结论,但就二者之问存在着怎样的数量关系没做详细的分类情况的探计.     

SMEs and regional economic growth in Brazil

This paper examines the relationship between the small and medium-sized enterprise (SME) sector and economic growth for an annual panel of Brazilian states for the period 1985–2004. We investigate the importance of the relative size of the SME sector measured by the share of SME employment in total formal employment and the level of human capital in SMEs measured by the average years of schooling of SME employees. The empirical results indicate that the relative importance of SMEs is negatively correlated with economic growth, a result that is consistent with previous studies examining developing countries. In addition, our results show that the human capital embodied in SMEs may be more important for economic growth than the relative size of the SME sector.     

Entrepreneurship,export orientation,and economic growth

In this paper the relationship between a country’s prevalence of new ventures and its rate of economic growth is investigated, while taking into account new ventures’ export orientation. It is generally acknowledged that new venture creation as well as export activity may both be important strategies for achieving national economic growth. However, to our knowledge no attempt has been made to investigate empirically the role of export-driven new ventures in economic growth. We focus on the national level and use data for a sample of 34 countries over the period 2002–2008. Our results suggest that, on top of a positive relation between entrepreneurial activity in general and subsequent macroeconomic growth, there is an additional positive effect of export-oriented early-stage entrepreneurship in higher-income countries. However, there is no such additional effect in lower-income countries.     

Sources of economic growth and stagnation in Iran

There is more than a 10 percentage point difference in the economic performance of Iran in roughly the two decades before and after the Islamic revolution in 1979. This paper aims to explain the difference. A standard measure of Total Factor Productivity (TFP) calculated at the aggregate level shows that over one-third of the difference in economic performance can be explained by the change in TFP growth rates in the two periods. The question is further pursued at the manufacturing level. A time-series cross sectional analysis of the manufacturing sector confirms that TFP growth rates fell after the revolution and did not recover anywhere close to their pre revolution levels even after the Iran–Iraq war. The regression analyses show that decreasing returns to scale and mark-up pricing behavior have developed in the manufacturing sector under the Islamic Republic. A Tornqvist measure of TFP, corrected for market imperfections and non-constant returns to scale technology, is used to explain sources of productivity slowdown. The results show that manufacturing TFP increases with (i) private participation rate in economic activities and (ii) exports. Manufacturing TFP falls with (iii) increase in capital-intensity and (iv) higher entry/exit barriers.     

Foreign direct investment and growth under economic integration

This paper studies foreign direct investment (FDI) and economic growth in a two-country endogenous growth model. Starting with a core-periphery steady state in the world, the model shows that economic integration gives rise to FDI, leads to an expansion of R&D activity in the industrial core, and increases the world growth rate. In that process, the peripheral country enjoys a rise in the level of living standards. The model suggests that the often-observed positive correlation between inward FDI and economic growth does not necessarily imply any causal relationship—both of them respond endogenously to economic integration.