Global Economics Science

The Impact of Technological Advancement on Unemployment in Turkey

2023-08-30T08:55:25+08:00

Technological advancements have been reshaping industries and economies worldwide. As technology evolves, questions arise about its impact on employment. This study aims to investigate the relationship between technological advancement and unemployment over the period from 1991 to 2020. The objective of this research is to examine the influence of various factors, including Patent Assistance (PA) residents, Gross Domestic Product per capita (GDPpc), Gross Capital Formation (GCF), and the Consumer Price Index (CPI), on the unemployment rate (UEMP). We seek to understand these variables’ long-term and short-term effects on unemployment. We utilized data from the World Bank for our analysis. The study employed the Auto Regressive Distributed Lag (ARDL) methodology to explore the dynamics between technological advancement and unemployment. This method allows us to investigate both short-term and long-term relationships. Our analysis revealed interesting insights. In the long run, we observed that GCF and CPI negatively influenced unemployment, indicating that an increase in these variables is associated with a reduction in unemployment. However, PA had a positive impact on UEMP, although this effect was not statistically significant. In the short term, GCF, GDPpc, and CPI all had a negative effect on UEMP. These findings carry important policy implications. They suggest that fostering startups and entrepreneurial ventures can drive technological innovation and job creation. To support this, policymakers should focus on creating an enabling environment for startups by reducing bureaucratic barriers, streamlining business registration processes, and providing financial and mentoring support. Encouraging entrepreneurship has the potential to unleash innovative ideas, create new ventures, and generate employment opportunities, particularly for the youth population.

Impact of Human Capital Development on Economic Progress: A Panel Data Analysis by Using Classical and Bayesian Estimates

2023-09-01T08:31:47+08:00

This comparative research debates a magnified role of human capital development in selected developed, developing economies and less developing economies, including Pakistan. Between 1990 and 2019, two-panel data analysis techniques were employed, one classical and the other Bayesian. The key objective of this study was to investigate the impact of human capital development on economic growth, and also suggest the best statistical techniques for developing an appropriate model. GDP is the dependent variable, whereas the independent variables are human capital, physical capital, physical and human capital growth, health expenditure, education spending, and life expectancy rate. For the optimal model, both Bayesian and classical approaches were used to analyze the appropriate model. Empirical evidence has shown that human capital is the most important factor and is directly correlated with growth in any economy Furthermore, the findings suggested that Bayesian techniques produce more appropriate models for policy implications than classical techniques.

Impact of Human Capital Development and Economic Growth on Global Competitiveness

2023-09-05T09:29:32+08:00

The focus of this study is on the growing importance of human capital development in a number of developed, emerging, and developing countries, including Pakistan. The panel data analysis uses traditional approaches to examine observations from 1990 to 2019. The study’s main goal was to look at the impact of human capital development and growth on competitiveness. The dependent variable in the model is the global competitiveness index (GCI), with human capital, GDP per capita, GNP per capita, physical capital growth, and inflation as explanatory variables. Empirical data consistently demonstrates that human capital is the paramount asset in all economies, regardless of their development status. Its strong connection to competitiveness underscores the need to thoroughly evaluate policies impacting human capital development across nations. This assessment is crucial for understanding the interplay of policies and human capital development, a key factor in achieving desired outcomes.

Relative Prices and the Macroeconomy: A Literature Review

2023-09-05T09:34:33+08:00

This paper provides a review of the literature on the importance of relative prices in economic dynamics, focusing on three such prices: the relative price of one good/service to another, the terms of trade, and the real exchange rate. The narrative encompassed the theoretical, methodological and empirical spheres. The influential roles of relative prices in restoring internal and external equilibria were underscored and these attributes were deemed to be unparalleled in economic analysis. The terms of trade were particularly noted to be fundamental to economic growth, balance of payments, and, the real exchange rate.