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Sources of Economic Growth: A Global Perspective

1
WSB University in Toruń, 87-100 Toruń, Poland
2
Nicolas Copernicus University, 87-100 Toruń, Poland
3
Poznan University of Economics and Business, 61-875 Poznań, Poland
*
Author to whom correspondence should be addressed.
Sustainability 2019, 11(1), 275; https://doi.org/10.3390/su11010275
Received: 26 November 2018 / Revised: 2 January 2019 / Accepted: 3 January 2019 / Published: 8 January 2019
(This article belongs to the Section Economic, Business and Management Aspects of Sustainability)
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PDF [326 KB, uploaded 9 January 2019]

Abstract

The main goal of this paper is to determine the factors responsible for economic growth at the global level. The indication of the sources of economic growth may be an important element of the sustainable economic policy for development. The novelty of this research lies in employing an analysis based on data, which consist of an average growth rate of the Gross Domestic Product (GDP) for 168 countries for the years 2002–2013. The Bayesian model averaging approach is used to identify potential factors responsible for differences in countries’ GDPs. Additionally, a jointness analysis is performed to assess the potential independence, substitutability, and complementarity of the factors of economic growth. The robustness of the results is confirmed by Bayesian averaging of classical estimates. We identify the most probable factors of economic growth, and we find that the most important determinants are variables associated with the so-called “Asian development model”. View Full-Text
Keywords: sustainable economic policy; Bayesian model averaging; gretl; BACE sustainable economic policy; Bayesian model averaging; gretl; BACE
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited (CC BY 4.0).
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Błażejowski, M.; Kwiatkowski, J.; Gazda, J. Sources of Economic Growth: A Global Perspective. Sustainability 2019, 11, 275.

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