Interdependence of Innovations and Institutions: Consequences for GDP Growth
Interdependence of Innovations and Institutions: Consequences for GDP Growth
Author(s): Jacek Pietrucha, Rafał ŻelaznySubject(s): National Economy, Economic policy, Policy, planning, forecast and speculation, Economic development, EU-Approach / EU-Accession / EU-Development
Published by: Instytut Nauk Ekonomicznych Polskiej Akademii Nauk
Keywords: innovation; institution; creative economy; composite indicator; economic growth; European Union;
Summary/Abstract: This paper examines the relationship between the creative economy index (CEI) and GDP growth. The authors assume that as a result of feedback between institutions, human capital and technology, conditions for creativity development arise, which is the accelerator for innovations at micro-, mezo- and macroeconomic levels – therefore, the creative economy develops. CEI is a composite index of creative economy developed by the authors. It is based on 71 variables measuring creative economy and interdependence of innovations and institutions. A significant, positive effect of CEI on real GDP growth has been confirmed using a regression model filled with panel data for 29 countries of Europe in the period 2005–2014.
Journal: Ekonomista
- Issue Year: 2017
- Issue No: 5
- Page Range: 527-543
- Page Count: 17
- Language: English
