Search

The current nexus between education and economic growth leads us to propose a hybrid and integrated theoretical model. The variables chosen for this research were human capital and labour, and their impact on unemployment and economic growth was considered. In the validation of the theoretical model, different equations were contemplated, and the ARDL co-integration technique for its estimation was chosen. This study emphasizes the importance of technological progress, physical capital and human capital; the latter is measured by educational training and its interactive effect on employment and unemployment in explaining the behaviour of economic growth in the US from 1981 to 2019. The results show different statistical significance in the short and long term. These results corroborate the premise that there are partial adjustments in the short term, particularly after an economic crisis. In the long term, economic growth is affected by the positive or negative magnitudes of the product elasticity for each of the drivers considered. In terms of policy implications, a combination of structural and demand-driven policies must be implemented to reduce unemployment, in particular, to halt protracted economic recessions. • ARDL confirms long-run relationship is observed for all six equations. • In the short term, the increase in secondary education and unemployment reduces GDP. • In the short term, the increase in tertiary education and unemployment reduces GDP. • In the short term, any imbalance in GDP converges in the long term. • In the long run, a rise in tertiary education and jobless have a tiny impact on GDP. [ABSTRACT FROM AUTHOR]

In contemporary society, industrial property rights are carriers of economic growth, technological development, and general wellbeing. The market economy can hardly develop without the protection of industrial property and innovations. The industrial property in the contemporary economy presents one of the main competitive advantages. The protection of the intangible property from authorized use is a condition for profitable operation, which is, of course, the main premise for innovations, foreign investments, increase of the gross domestic product, foreign trade and increase of employment. The paper will also analyze the results from the authors' own research and research conducted in the EU regarding the influence of the protection of industrial property rights on innovations, employment, and economic growth. [ABSTRACT FROM AUTHOR]

The global environmental imperative demands urgent actions on ecological stabilization, yet the global scale of such actions is persistently insufficient. This calls for investigating why the world economy appears to be so fearful of any potential environmental expenditure. Using the formalism of Lyapunov potential function it is shown that the stability principles for biomass in the ecosystem and for employment in economics are mathematically similar. The ecosystem has a stable and unstable stationary state with high (forest) and low (grasslands) biomass, respectively. In economics, there is a stable stationary state with high employment in mass production of conventional goods sold at low cost price, and an unstable stationary state with lower employment in production of novel products of technological progress sold at higher prices. An additional stable state is described for economics with very low employment in production of life essentials, such as energy and raw materials that are sold at greatly inflated prices. In this state the civilization pays 10% of global GDP for energy produced by a negligible minority of the working population (currently ∼0.2%) and sold at prices exceeding the cost price by 40 times, a state when any extra expenditures of whatever nature appear intolerable. The reason lies in the fundamental shortcoming of economic theory, which allows for economic ownership over energy sources. This is shown to be equivalent to equating measurable variables of different dimensions (stores and fluxes), which leads to effective violation of the laws of energy and matter conservation in modern economics. [ABSTRACT FROM AUTHOR]