Oleksandr V. Kubatko, Viktoria O. Kovach, Pavlo A. Denysenko, Vitaliy M. Ignatchenko
Impact of Human Capital and Investment and Innovation Indicators on Economic and Ecological Efficiency of National Economies
(original language – Ukrainian)
https://doi.org/10.21272/mer.2018.81.02
The paper is dedicated to the economic substantiation and mathematical description of the relationship between the level of human capital, innovative activity in the country and the ecological and economic efficiency of its economy. The study of the main factors of balanced economic growth, taking into account environmental constraints, is being given more and more attention when modelling development scenarios for a particular national economy, identifying the causes of interstate differences in living standards and gradually widening the welfare gap between developed and developing countries. Considering the theoretical developments of foreign and domestic researchers on the phenomenon of scientific and technological progress and the formation of the knowledge economy, the role of the process of accumulating human capital and the use of information resources in the development of socio-economic systems is noted. Based on the analysis of panel data from 58 world economies with economic systems of different levels of development, the nature of the influence of human capital and innovation and investment processes on the efficiency of their national economy is investigated. It is noted that the countries of the world are not at the same level of development, therefore, the impact of human capital, innovation and investment indicators of national economies have different degrees of environmental and economic efficiency. The paper proposes to divide the countries of the world into groups according to their level of security by NTP factors. The article establishes that with an increase in investment per capita by $ 1 USD there would be triple increase in GDP per worker. The last confirms the hypothesis of the multiplier effect of investments. Additionally, an approach to the analysis of economic systems with the allocation of their clusters is proposed. According to the results of the study, models with fixed individual effects were determined optimal for all groups of countries, which make it possible to take into account their essential individual characteristics.
Key words: human capital, ecological and economic efficiency, sustainable development, knowledge economy, panel data analysis.
Placed in №3, 2018.
Affiliations:
OLEKSANDR V. KUBATKO, Dr.Sc. (Economics), Associate Professor of the Department of Economics, Entrepreneurship and Business Administration, Sumy State University,
VIKTORIA O. KOVACH, Student, Sumy State University,
PAVLO A. DENYSENKO, Assistant of the Department of Economics, Entrepreneurship and Business Administration, Sumy State University,
VITALIY M. IGNATCHENKO, Postgraduate Student of the Department of Economics,
Entrepreneurship and Business Administration, Sumy State University,
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