Econometric Modelling of the Impact of Metrology on the Economy in Poland.
Econometric Modelling of the Impact of Metrology on the Economy in Poland.

Summary/Abstract: Research background: Studying the impact of metrology on the economy is a complicated matter. This is due to the specific nature of both metrology and the economy. There is no established method for determining the impact of metrology on the economy. Purpose: The paper attempts to build an econometric model to determine the impact of metrological activity on the economy of Poland. Research methodology: In the first part of the study, a proxy variable measuring metrological activity was proposed. Then a multiple-equation nonlinear econometric model was built. This is a dynamic model, estimated by the 2SLS method. Results: Based on simulations, the impact of metrological activity on variables such as GDP and R&D spending was determined. The results of simulations using the obtained model show that the average annual share of metrology in global labor productivity in Poland from 2002 to 2020 was at 9.4%. As regards the second variable (the share of R&D spending in GDP), the average annual share of metrology is 7.4%. Novelty: In the paper an econometric estimation of metrology impact on the economy based on a multiple-equation nonlinear econometric model was proposed.

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