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Modeled Interdependencies between Intellectual Capital, Circular Economy and Economic Growth in the Context of Bioeconomy

Author

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  • Alexandru –Mircea Nedelea

    (Stefan cel Mare University, Suceava, Romania)

  • Marilena Mironiuc

    (”Alexandru Ioan Cuza” University, Iasi, Romania)

  • Maria Carmen Huian

    (”Alexandru Ioan Cuza” University, Iasi, Romania)

  • Mihaela B?rsan

    (Stefan cel Mare University, Suceava, Romania)

  • Maria Viorica Bedrule-Grigoruta

    (”Alexandru Ioan Cuza” University, Iasi, Romania)

Abstract

The bioeconomy-specific paradigm has changed the perception of economic growth in the sense that the growth limits do not matter, but new growth opportunities. These are focused on: knowledge, investment in research, innovation and technological performance, which give meaning to the concept of smart economic growth;, green energy, low-carbon policies, reduced environmental collateral effects, which are attributes of sustainable economic growth. The paper dwells on the influence of bioeconomy on economic growth through an empirical study conducted between 2008 and 2015, using cross-sectional analysis applied to the interconnections between the data relative to the EU-28 member countries. Three econometric models, based on the Ordinary Least Square regression, have been developed to highlight the interdependencies between intellectual capital, circular economy and economic growth in the context of bioeconomy. The number of patents is the proxy variable designed to quantify innovative performance in the bioeconomic sectors, value added is the dependent variable that measures the achievements specific to the circular economy and gross domestic product quantifies the sensitivity of economic growth to the use of intangible resources (knowledge / intellectual capital) and of renewable resources used in cascade (specific to circular economy). The findings confirm the positive influence of research-development funding and of fiscal freedom on intellectual property rights materialized in patents. The added value created in circular economy responds well to recyclable raw material export, to population employment in circular economy and to municipal waste recycling rate. The productivity of bioeconomy employees positively influences economic growth in the EU-28. We also focused on negative aspects such as the poor results of innovation in relation to the allocated financing resources and the insufficient use of energy from renewable sources in the production process.

Suggested Citation

  • Alexandru –Mircea Nedelea & Marilena Mironiuc & Maria Carmen Huian & Mihaela B?rsan & Maria Viorica Bedrule-Grigoruta, 2018. "Modeled Interdependencies between Intellectual Capital, Circular Economy and Economic Growth in the Context of Bioeconomy," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 20(49), pages 616-616, August.
  • Handle: RePEc:aes:amfeco:v:20:y:2018:i:49:p:616
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    References listed on IDEAS

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    Cited by:

    1. Schubert, Torben & Jäger, Angela & Türkeli, Serdar & Visentin, Fabiana, 2020. "Addressing the productivity paradox with big data: A literature review and adaptation of the CDM econometric model," MERIT Working Papers 2020-050, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).

    More about this item

    Keywords

    bioeconomy; intellectual property; circular economy; economic growth; environmental performance.;

    JEL classification:

    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
    • Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics

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