The main goal of this paper is to determine the factors responsible for economic growth at the global level. The indication of the sources of economic growth may be an important element of the sustainable economic policy for development. The novelty of this research lies in employing an analysis based on data, which consist of an average growth rate of the Gross Domestic Product (GDP) for 168 countries for the years 2002–2013. The Bayesian model averaging approach is used to identify potential factors responsible for differences in countries’ GDPs. Additionally, a jointness analysis is performed to assess the potential independence, substitutability, and complementarity of the factors of economic growth. The robustness of the results is confirmed by Bayesian averaging of classical estimates. We identify the most probable factors of economic growth, and we find that the most important determinants are variables associated with the so-called “Asian development model”.
The aim of this paper is to link the economic and marketing perspectives by means of the quantitative method to answer the question of whether traditional food products may play an important role in sustainable region development ensuring economic viability, and how (if at all) marketing should support this process. Due to the lack of unambiguous theoretical findings—the theory has not established a model of the impact of regional products on the food sector in the region and, further on, the economy—an atheoretical approach should be applied, which without priori findings (without favouring individual variable) will lead to an assessment of the above-described impact. Using the Bayesian approach, the authors have measured the above relations with respect to the case of Poland. The basis of the study is provided by a database developed by the authors for 16 Polish NUTS2 regions where lists of official traditional food products were compiled. Using the chosen method, a group of explanatory variables has been proposed (among them, a number of regional products) as factors potentially responsible for the dependent variable (value of agriculture production in the NUTS2 regions). The results indicate that the number of traditional food products does not determine the value of agricultural production on the level of the NUTS2 regions in Poland. This value is determined by commodity production rather than the factors of the so-called sustainable agriculture.
Economic growth is again one of the most important economic issues in literature since the the 1980s. This paper falls into the mainstream of regional studies on economic growth and it tries to answer the recurring question: what are the determinants of economic growth at regional level. The objective of this article is to diagnose the determinants of economic growth among European regions on the basis of Bayesian methods applied to gretl software.
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