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Efficiency ranking of economic growth toward sustainable growth with grey system theory: the case of small countries in advanced and emerging economies

Author

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  • Nowak Marcin

    (Faculty of Engineering Management, Poznan University of Technology, Poznan, Poland)

  • Kokocińska Małgorzata

    (Faculty of Economics and Management, University of Zielona Góra, Zielona Góra, Poland)

Abstract

The article refers to the new Synthetic Efficiency Indicator for Economic Growth (SEI-EG) proposed in an earlier publication. Research from 2016–2018 in 11 EU countries revealed small nations were notably more effective at sustainable growth than their larger counterparts. This prompted the authors to ask about the differences between small countries with developed economies and small countries with lower levels of development joining the EU in 2004. The article aims to determine the relative efficiency of transforming growth inputs and debt into sustainability outcomes for small countries in the EU using the SEI-EG index over the period 2016–2020. The study group symmetrically includes six countries each from developed economies and six countries that joined the EU in 2004. The adopted indicator complements the expanded SDGs and aligns with the trend linking research inputs to sustainable development effects.

Suggested Citation

  • Nowak Marcin & Kokocińska Małgorzata, 2023. "Efficiency ranking of economic growth toward sustainable growth with grey system theory: the case of small countries in advanced and emerging economies," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 59(3), pages 183-196, September.
    • Handle: RePEc:vrs:ijomae:v:59:y:2023:i:3:p:183-196:n:1
    DOI: 10.2478/ijme-2023-0013
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    References listed on IDEAS

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    1. Marcin Nowak & Aleksandra Rabczun & Paweł Łopatka, 2021. "Impact of Electrification on African Development-Analysis with Using Grey Systems Theory," Energies, MDPI, vol. 14(16), pages 1-24, August.
    2. Tom Waas & Jean Huge & Thomas BLOCK & Tarah Wright & Francisco Javier Benitez Capistros & Aviel Verbruggen, 2014. "Sustainability assessment and indicators: Tools in a decision-making strategy for sustainable development," ULB Institutional Repository 2013/189410, ULB -- Universite Libre de Bruxelles.
    3. Víctor Meseguer-Sánchez & Francisco Jesús Gálvez-Sánchez & Gabriel López-Martínez & Valentín Molina-Moreno, 2021. "Corporate Social Responsibility and Sustainability. A Bibliometric Analysis of Their Interrelations," Sustainability, MDPI, vol. 13(4), pages 1-18, February.
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    More about this item

    Keywords

    economic convergence; economic growth; gray system theory; gray whitenization; sustainable development;
    All these keywords.

    JEL classification:

    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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