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The National Wealth-Factor of Economic Integration

Author

Listed:
  • Gheorghe Zaman

    (Associated Member of the Romanian Academy Institute of National Economy)

  • Zizi Goschin

    (Academy of Economic Studies, Bucharest)

Abstract

The study is dealing with the problems of the role which is played by different components of the national wealth, among which a special attention is devoted to the natural, produced and intangible capitals, as factors of contemporary economic growth, at macroeconomic level. Starting from the wealth per capita, as is defined, understood and calculated by the World Bank, we have taken its components as explanatory variables of the Human Development Index, aiming to understand the linkages between development outcomes and the level and the composition of wealth. The main results of our research are: a) the natural capital and natural resources endowment do not play a determining role for the level of economic and social development; b) intangible assets represent the most outstanding factor of GNP level and sustainable growth; c) life expectancy is highly dependent on the wealth per capita; d) the education index is explained to a lesser extent by the level of national wealth in comparison with the other two components of Human Development Index: the GNP level and life expectancy. Multifactor regression models that we have employed for Human Development Index as dependent variable confirm the above mentioned conclusions for the European Union member states.

Suggested Citation

  • Gheorghe Zaman & Zizi Goschin, 2007. "The National Wealth-Factor of Economic Integration," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 11(11(516)(s), pages 7-16, November.
    • Handle: RePEc:agr:journl:v:11(516)(supplement):y:2007:i:11(516)(supplement):p:7-16
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