Modelling EU bioeconomy credentials in the economic development framework: the role of intellectual capital
Abstract
Given the global importance of bioeconomy for sustainable development and its trendiness in the knowledge driven literature, our research aims to develop a general assessment framework for several shaping factors of bioeconomy fundamentals within the European Union under the decisive impact of the intellectual capital credentials, namely educational attainment, research and development activities and innovation patterns. Considering that there is a high heterogeneity among Member States (MS), selectively regarding the implementation of the intellectual capital in the knowledge economy, but also a differential degree of bioeconomy advances, we have compiled distinct panels on the two groups of EU-28 MS, namely EU-15 (old MS) and EU-13 (new MS). The purpose is to examine the inferences of the intellectual capital in the context of economic development and to shape its role in achieving a sustainable bioeconomy. We have applied several macro-econometric procedures for each considered group, namely: multifactorial macro-econometric models, structural equation modelling (SEM) and Gaussian Graphical Models (GGM), for the period 1995-2016. The results highlight that education, innovation and research, along with main bioeconomy credentials, are at the core of economic development of both EU-13 and EU-15 countries, having distinctive dissimilarities between them, particularly enhanced for the new EU-13 MS.
First published online 25 August 2020
Keyword : bioeconomy, education, innovation, economic development, European Union, econometric procedures
How to Cite
Cristea, M., Noja, G. G., Marcu, N., Siminică, M., & Ţîrcă, D.-M. (2020). Modelling EU bioeconomy credentials in the economic development framework: the role of intellectual capital. Technological and Economic Development of Economy, 26(6), 1139-1164. https://doi.org/10.3846/tede.2020.13159
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Anghel, I., Siminică, M., Cristea, M., Noja, G. G., & Sichigea, M. (2019). Bioeconomy credentials and intellectual capital: a comparative modelling approach for the E.U.-13 and E.U.-15. Economic Research-Ekonomska Istraživanja, 32(1), 2699–2722. https://doi.org/10.1080/1331677X.2019.1653212
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Baum, F. C. (2006). An introduction to modern econometrics using stata. Stata Press.
Bildirici, M., & Ozaksoy, F. (2018). An analysis of biomass consumption and economic growth in transition countries. Economic Research-Ekonomska Istraživanja, 31(1), 386–405. https://doi.org/10.1080/1331677X.2018.1427610
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Birner, R. (2018). Bioeconomy concepts. In I. Lewandowski (Ed.), Bioeconomy: Shaping the transition to a sustainable, biobased economy. Springer. https://doi.org/10.1007/978-3-319-68152-8
Bracco, S., Calicioglu, O., Gomez San Juan, M., & Flammini, A. (2018). Assessing the contribution of bioeconomy to the total economy: a review of national frameworks. Sustainability, 10(6), 1698. https://doi.org/10.3390/su10061698
Cîrstea, Ş. D., Cîrstea, A., Popa, I. E., & Radu, G. (2019). The role of bioenergy in transition to a sustainable bioeconomy – Study on EU countries. Amfiteatru Economic, 21(50), 75–89. https://doi.org/10.24818/EA/2019/50/75
Dediu, I. (2014). Bioeconomia – O creatie stiintifica romaneasca. Ecology, 2(33), 59–61 (in Romanian). https://ibn.idsi.md/sites/default/files/imag_file/Bioeconomia%20o%20creatie%20stiintifica%20romaneasca.pdf
Dinca, M., & Luches, D. (2018). Work Integration of the Roma: Between Family and Labor Market. Sustainability, 10(5), 1495. https://doi.org/10.3390/su10051495
Dobra, A., Eicher, T., & Lenkoski, A. (2008). Modeling uncertainty in macroeconomic growth determinants using Gaussian Graphical models (Working Paper 87). Center for Statistics and the Social Sciences, University of Washington, Washington, USA. https://doi.org/10.1016/j.stamet.2009.11.003
Dobrzanski, P. (2018). Innovation expenditures efficiency in Central and Eastern European Countries. Zbornik radova Ekonomskog fakulteta u Rijeci: časopis za ekonomsku teoriju i praksu, 36(2), 827–859.
Dragoi, M. C., Andrei, J. V., Mieila, M., Panait, M., Dobrota, C. E., & Lădaru, R. G. (2018). Food safety and security in Romania – An econometric analysis in the context of national agricultural paradigm transformation. Amfiteatru Economic, 20(47), 134–150. https://doi.org/10.24818/EA/2018/47/134
Dybdahl, L. M., & Iversen, E. J. (2019). What knowledge does the bioeconomy build upon?. In A. Klitkou, A. M. Fevolden, & M. Capasso (Eds.), From waste to value. Valorisation pathways for organic waste streams in circular bioeconomies. Routledge. https://doi.org/10.4324/9780429460289
Epskamp, S., Waldorp, L., Mottus, R., & Borsboom, D. (2018). The Gaussian graphical model in cross-sectional and time-series data. Multivariate Behavioral Research, 53(4), 453–480. https://doi.org/10.1080/00273171.2018.1454823
European Commission. (2010). Europe 2020. A European strategy for smart, sustainable and inclusive growth. COM(2010) 2020, Brussels, Belgium. https://ec.europa.eu/eu2020/pdf/COMPLET%20EN%20BARROSO%20%20%20007%20-%20Europe%202020%20-%20EN%20version.pdf
European Commission. (2012). Communication from the Commission to the European Parliament, The Council, the European Economic and Social Committee and the Committee of the Regions. Innovating for sustainable growth: A bioeconomy for Europe. Brussels, Belgium. https://ec.europa.eu/research/bioeconomy/pdf/official-strategy_en.pdf
European Commission. (2018). A sustainable Bioeconomy for Europe: Strengthening the connection between economy, society and the environment, Updated Bioeconomy Strategy. Brussels, Belgium. https://ec.europa.eu/research/bioeconomy/pdf/ec_bioeconomy_strategy_2018.pdf#view=fit&pagemode=none.
Eurostat. (2019). Database. https://ec.europa.eu/eurostat/data/database
Georgescu-Roegen, N. (1977). Inequality, limits and growth from a bio-economic viewpoint. Review of Social Economy, 35(3), 361–375. https://doi.org/10.1080/00346767700000041
Gomez San Juan, M., Bogdanski, A., & Dubois, O. (2019). Towards sustainable bioeconomy – Lessons learned from case studies. FAO.
Kaza, S., Yao, L. C., Bhada-Tata, P., & Van Woerden, F. (2018). What a waste 2.0: A global snapshot of solid waste management to 2050. Urban Development, Washington DC, World Bank. https://doi.org/10.1596/978-1-4648-1329-0
Kung, C.-C. (2018). A dynamic framework of sustainable development in agriculture and bioenergy. Agricultural Economics – Czech, 64(10), 445–455. https://doi.org/10.17221/281/2017-AGRICECON
Leal Filho, W., Pociovalisteanu, D. M., & Al-Amin, A. Q. (2017). Sustainable economic development. Springer. https://doi.org/10.1007/978-3-319-45081-0
Lewandowski, I., Gaudet, N., Lask, J., Maier, J., Tchouga, B., & Vargas-Carpintero, R. (2018). Context. In I. Lewandowski (Ed.), Bioeconomy: Shaping the transition to a sustainable, biobased economy. Springer. https://doi.org/10.1007/978-3-319-68152-8
Marcu, N., Siminica, M., Noja, G. G, Cristea, M., & Dobrota, C. E. (2018). Migrants’ integration on the European labor market: A spatial bootstrap, SEM and network approach. Sustainability, 10(12), 4543. https://doi.org/10.3390/su10124543
Luhova, M. (2015). Selected types of investments enabling development of bioeconomy in the region. Economic and Regional Studies, 8(3), 100–110.
McKenzie, D., & Sasin, M. J. (2007). Migration, remittances, poverty, and human capital: Conceptual and empirical challenges (Policy Research Working Paper, 4272). World Bank, Washington, DC. https://elibrary.worldbank.org/doi/abs/10.1596/1813-9450-4272
Nedelea, A. M., Mironiuc, M., Huian, M. C., Birsan, M., & Bedrule-Grigoruta, M. V. (2018). Modeled interdependencies between intellectual capital, circular economy and economic growth in the context of bioeconomy. Amfiteatru Economic, 20(49), 616–663. https://doi.org/10.24818/EA/2018/49/616
Nordic Council of Ministers. (2018). Nordic bioeconomy programme 15 action points for sustainable change. Copenhagen, Denmark. https://doi.org/10.6027/ANP2018-785
OECD. (2008). Handbook on constructing composite indicators: Methodology and user guide. OECD Publishing. http://www.oecd.org/sdd/42495745.pdf
OECD. (2009). The bioeconomy to 2030: Designing a policy agenda. International Futures Programme. https://doi.org/10.1787/9789264056886-en
OECD. (2018). Meeting policy challenges for a sustainable bioeconomy. OECD Publishing. https://doi.org/10.1787/9789264292345-en
Popescu, G., Andrei, J. V., Nica, E., Mieila, M., & Panait, M. (2019). Analysis on the impact of investments, energy use and domestic material consumption in changing the Romanian economic paradigm. Technological and Economic Development of Economy, 25(1), 59–81. https://doi.org/10.3846/tede.2019.7454
Pyka, A., & Prettner, K. (2018). Economic growth, development, and innovation: The transformation towards a knowledge-based bioeconomy. In I. Lewandowski (Ed.), Bioeconomy. Springer. https://doi.org/10.1007/978-3-319-68152-8_11
Refsgaard, K., Teras, J., Kull, M., Oddsson, G., Johannesson, T., & Kristensen, I. (2018). The rapidly developing Nordic bioeconomy: Excerpt from state of the Nordic Region. Nordic Council of Ministers, Copenhagen, Denmark. https://doi.org/10.6027/e8424b2c-en
Ronzon, T., & M’Barek, R. (2018). Socioeconomic indicators to monitor the EU’s bioeconomy in transition. Sustainability, 10(6), 1745. https://doi.org/10.3390/su10061745
Ronzon, T., Santini, F., & M’Barek, R. (2015). The bioeconomy in the European Union in numbers. Facts and figures on biomass, turnover and employment. European Commission, Joint Research Centre, Institute for Prospective Technological Studies, Spain. https://ec.europa.eu/jrc/sites/jrcsh/files/JRC97789%20Factsheet_Bioeconomy_final.pdf
Sanders, L. (2007). Models in spatial analysis. ISTE Ltd. https://doi.org/10.1002/9780470612255
Schutte, G. (2018). What kind of innovation policy does the bioeconomy need?. New Biotechnology, 40, 82–86. https://doi.org/10.1016/j.nbt.2017.04.003
Stevanovic, T., Ivanovic-Dukic, M., Radenovic, T., & Radovic, O. (2018). The impact of national intellectual capital on the economic growth in the South-Eastern European countries. Zbornik radova Ekonomskog fakulteta u Rijeci: časopis za ekonomsku teoriju i praksu, 36(2), 777–800.
Tondl, G., & Vuksic, G. (2003). What makes regions in Eastern Europe catching up? The role of foreign investment, human resources and geography (ZEI Working Papers B 12-2003). University of Bonn, ZEI – Center for European Integration Studies, Bonn, Germany. https://www.econstor.eu/handle/10419/39510
Zemlickienė, V., & Turskis, Z. (2020). Evaluation of the expediency of technology commercialization: a case of information technology and biotechnology. Technological and Economic Development of Economy, 26(1), 271–289. https://doi.org/10.3846/tede.2020.11918
Zilberman, D., Gordon, B., Hochman, G., & Wesseler, J. (2018). Economics of sustainable development and the bioeconomy. Applied Economic Perspectives and Policy, 40(1), 22–37. https://doi.org/10.1093/aepp/ppx051
Vargas-Hernandez, J. G., Pallagst, K., & Hammer, P. (2018). Bio-economy at the crossroads of sustainable development. In S. Dhiman & J. Marques (Eds.), Handbook of engaged sustainability. Springer. https://doi.org/10.1007/978-3-319-53121-2_52-1
Wooldridge, J. (2013). Introductory econometrics: A modern approach (5th ed.). Cengage Learning. https://economics.ut.ac.ir/documents/3030266/14100645/Jeffrey_M._Wooldridge_Introductory_Econometrics_A_Modern_Approach__2012.pdf