Economic Growth through the Lenses of Education, Entrepreneurship, and Innovation
Simona Andreea Apostua b✉, Lindita Muklic, Mirela Clementina Panaitb d✉, Iza Gigaurie, Eglantina Hysaf
- aDepartment of Statistics and Econometrics, Bucharest University of Economic Studies, 010552 Bucharest, Romania
- bInstitute of National Economy, 050711 Bucharest, Romania
- cDepartment of Mathematics, Aleksander Moisiu University, 2001 Durres, Albania
- dDepartment of Cybernetics, Economic Informatics, Finance and Accounting, Petroleum-Gas University of Ploiești, 100680 Ploiești, Romania
- eSchool of Business, Computing and Social Sciences, St. Andrew the First-Called Georgian University, 0179 Tbilisi, Georgia
- fDepartment of Economics, Epoka University, 1032 Tirana, Albania
- ✉Corresponding author
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Abstract
Economic growth is a major goal pursued by public authorities but can be achieved with the involvement of several categories of stakeholders given the complexity of the phenomenon and the many influencing factors. In this research paper, the authors analyze specific current issues that are representative as influencers of economic growth. This study brings into focus the importance of education, particularly tertiary education, entrepreneurship skills, and innovation capacities of businesses. The objectives are (1) to find out if tertiary education leads to economic growth; (2) to examine if innovation is one of the promotors of economic growth; and (3) to discuss the impact of the dynamic of businesses (enterprise birth) on economic growth. The methodology used in this research is panel regression (static model) for a sample consisting of 30 European countries for the period 2003–2020. The main findings are associated with a positive influence of tertiary education on economic growth, whereas the two other variables, that of entrepreneurship and innovation, are found to be insignificant for this time period.