Economic Growth and Intangible Capitals: An International Panel Data Model Applied in the 21st Century

Víctor Raúl López Ruiz (), José Luis Alfaro Navarro () and Domingo Nevado Peña ()
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Víctor Raúl López Ruiz: Department of Applied Economy - Econometrics (University of Castilla La Mancha – UCLM),
José Luis Alfaro Navarro: Faculty of Economic and Business Sciences (UCLM)
Domingo Nevado Peña: Department of Financial Economics and Accounting (UCLM)

Journal for Economic Forecasting, 2016, issue 2, 102-113

Abstract: A country’s wealth is not only due to GDP. We must also consider intellectual capital as a generator of future value. In this paper we propose a model to measure and value this capital and its components in order to complement GDP. We developed an empirical application that analyses the importance of each intangible capital according to the level of GDP per capita attained to 72 countries. As a result, economic growth in developing countries displays a stronger relationship with intellectual capital. Within intellectual capital, the human factors and more specifically people’s qualifications, has the greatest effect on economic growth. As regards the structural factors, social and environmental capital is the most significant in developing countries, while research, development and innovation capital is in developed nations.

Keywords: economic growth; intellectual capital; indicators; developed and developing countries; wealth (search for similar items in EconPapers)
JEL-codes: O47 O57 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:rjr:romjef:v::y:2016:i:2:p:102-113

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