New world, new economics
Marketing and Branding Research,
Volume 4, Issue 1, Pages 50-63
AbstractWorld economy has changed since the 20th century. Although changes in the world happened in all scientific areas, but this survey is focused on economics only. In the present study, for illuminating the new picture of the new world on economics and the gaps between the developed and developing countries, panel data model and time series are used for analyzing the macroeconomics of sample countries. The efficiency of independent variables on dependent variable GDP is illustrated by data test that analyzes the relationship between the variables. The results revealed that the new world is based on innovation. Therefore, in most countries investing on R&D sector is increased. This rising caused employing educated talents who could reveal the new ways of optimizing the benefits of the resources in the world that increases development, decreases poverty, and increases standard of living and welfare. This might be effective on finding new ways of relation between countries and facilitate trading. Such studies on ways of reduction of the production costs and decreasing tariff is important in simplifying the market potentials productivities and finding demands through the world to create new vantages. Although restrictions in macro and micro economics is occurred in some countries, there are examples that by finding the solution could increase their development rank as well as standard of living and poverty reduction.
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