Economic Growth and Intangible Capitals: Europe versus Asia

Authors

  • José-Luis Alfaro Navarro University of Castilla-La Mancha, Faculty of Economics and Business Sciences, Spain
  • Victor-Raúl López Ruiz University of Castilla-La Mancha, Department of Applied Economy - Econometrics, Spain
  • Domingo Nevado Peña University of Castilla-La Mancha, Department of Financial Economics and Accounting, Spain

DOI:

https://doi.org/10.2298/PAN1403261N

Keywords:

Economic growth, Intellectual capital, East and West Europe, Asia, Wealth

Abstract

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.

Key words: Economic growth, Intellectual capital, East and West Europe, Asia, Wealth.
JEL: F02, J24, O3, O57.

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Published

2014-10-01

How to Cite

Alfaro Navarro, J.-L., López Ruiz, V.-R., & Nevado Peña, D. (2014). Economic Growth and Intangible Capitals: Europe versus Asia. Panoeconomicus, 61(3), 261–274. https://doi.org/10.2298/PAN1403261N

Issue

Section

Original scientific paper