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Measurement of National Non-Visible Wealth through Intellectual Capital

  • Lopez Ruiz, Víctor Raul


    (Department of Applyed Economy – Econometrics, University of Castilla La Mancha – UCLM)

  • Nevado Pena, Domingo


    (Department of Financial Economics and Accounting, UCLM)

  • Alfaro Navarro, Jose Luis


    (Faculty of Economic and Business Sciences, UCLM)

  • Badea, Leonardo


    (Department of Accounting-Finance, Valahia University of Targoviste)

  • Grigorescu, Adriana


    (Faculty of Public Administration, National School of Political Studies and Public Administration, Bucharest)

  • Voinea, Liviu

    (Faculty of International Business , Academy of economic Studies, Bucharest)

The economy of knowledge requires measures of national wealth that take into account aspects not contemplated by GDP, in order to portray the situation of a country more truthfully. In this paper, we use a new model to measure the intellectual capital of nations, adapted from microeconomics. It is based on the observation of hidden capital as implicit generator of long-term wealth, considering not only sustainability and social wellbeing, but also intangible assets such as human development, economic structure, international trade, foreign image and innovation. This empirical study reveals the importance of hidden capital in a nation’s wealth, making the difference where economic growth is concerned, as the most developed countries record the highest scores of efficiency in terms of intangible capital.

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Article provided by Institute for Economic Forecasting in its journal Romanian Journal for Economic Forecasting.

Volume (Year): (2011)
Issue (Month): 3 (September)
Pages: 200-212

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Handle: RePEc:rjr:romjef:v::y:2011:i:3:p:200-212
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