Sustainable development and health assessment model of higher education in India: A mathematical modeling approach

The Coronavirus Disease 2019 has resulted in a transition from physical education to online learning, leading to a collapse of the established educational order and a wisdom test for the education governance system. As a country seriously affected by the pandemic, the health of the Indian higher education system urgently requires assessment to achieve sustainable development and maximize educational externalities. This research systematically proposes a health assessment model from four perspectives, including educational volume, efficiency, equality, and sustainability, by employing the Technique for Order Preference by Similarity to an Ideal Solution Model, Principal Component Analysis, DEA-Tobit Model, and Augmented Solow Model. Empirical results demonstrate that India has high efficiency and an absolute health score in the higher education system through multiple comparisons between India and the other selected countries while having certain deficiencies in equality and sustainability. Additionally, single-target and multiple-target path are simultaneously proposed to enhance the Indian current education system. The multiple-target approach of the India-China-Japan-Europe-USA process is more feasible to achieve sustainable development, which would improve the overall health score from .351 to .716. This finding also reveals that the changes are relatively complex and would take 91.5 years considering the relationship between economic growth rates and crucial indicators. Four targeted policies are suggested for each catching-up period, including expanding and increasing the social funding sources, striving for government expenditure support to improve infrastructures, imposing gender equality in education, and accelerating the construction of high-quality teachers.

South Korea’s lift-off to development: The role of Human Capital and Productivity in economic growth, 1960-1979

South Korea is a case of impressive economic growth: a previously underdeveloped country that, after the 1960s, embarked on a process to achieve development before other underdeveloped countries. South Korea is also a case where innovation processes move from imitation to self-creation thanks to a quick updating or “catching up” process. South Korea’s journey from underdevelopment to development has sparked a rich and well-founded debate within economic theory. These debates weigh the roles of productive factors (Physical, Human, Social, and Financial Capital, Labor, resources, environment), economic agents (State, Firms, Banks), and international trade factors (FDI, Imports, Exports) on its growth process. The central argument of this article establishes that Capital is the central variable that explains the successful outcome of the Korean growth miracle. However, Capital composition is even more important. The impact of Human Capital on the growth process evinces a synergy with Knowledge development. We modify the Solow model using Human, Physical Capital, and Total Factor Productivity as independent variables in a Multivariable Regression Model for the period between 1960 and 1979 on Output per worker. We conclude that Human Capital and Productivity are just as important as Physical Capital for explaining growth per worker in South Korea due their synergistic properties. The study is restricted to the years prior to Park Chung-Hee’s rise to power and ends with his assassination.

An Empirical Analysis of the Development of Russian Innovation Economy — Based on the Solow Growth Model

Russia's long-term dependence on the development model of the resource economy can achieve the construction of the "oil curse", and the innovative economy has become an inevitable choice for its economic development. Measures to optimize the environment and mechanisms for innovation. In order to travel the actual situation of Russia's innovative economic development, this article uses the Solow model to formulate time data from 2000 to 2018, constructs an economic development model of Russian economic innovation, and constructs an economic development model of technological innovation. The results show that Russia's technological innovation has a negative growth effect, and there are still upcoming events in the development of Russia's innovation economy.

ASSESSMENT OF THE LEVEL OF ECONOMIC SECURITY OF INNOVATIVELY ACTIVE ENTERPRISES AS THE BASIS OF THE MANAGEMENT PROCESS WITHIN THE FINANCIAL AND LEGAL FIELD

Today, in the current conditions of enterprise management, it is relevant to build and implement an effective economic security management system in the enterprise’s activities. Accordingly, as a control element, it is necessary to highlight the value of assessing the level of economic security in order to make the company’s specialists successful management decisions. Under the influence of momentary changes in management, it is problematic to select the theoretical and methodological foundations that will be used in such an element of enterprise management, including economic security, as an assessment. Some parameters that are obtained when assessing the level of economic security of an enterprise do not take into account all important aspects of activities. The main goal is to assess the level of economic security of innovatively active enterprises as the basis of the management process within the financial and legal field. The expediency of applying the Solow model to determine the level of economic security of innovatively active enterprises, based on the use of such quantitative indicators as the available labor resources, production assets, the volume of investment in innovation, the volume of non-productive consumption and the final product, is proposed and substantiated. The use of this technique allows us to conclude about the importance of resource provision and the dominant influence of the provision of labor resources to innovatively active enterprises. The research methodology assumes that at the present stage, the assessment of the level of economic security of enterprises is carried out using various methods and techniques. Agreeing with the permanent approaches proposed by economists, we propose to adapt to the system of methods for assessing the economic security of enterprises a method based on the use of the Solow model, the essence of which is that the economic security of an enterprise is considered as a whole economic phenomenon. Keywords: economic security, innovatively active enterprises, management process, financial and legal field JEL Classification B49, C10, C13, M20 Formulas: 5; fig.: 0; tabl.: 1; bibl.: 15.

Is the impact of the Economic Diversification on Economic Growth Symmetric or Asymmetric? Evidence from Saudi Arabia

This paper presents our investigation of the impact of economic diversification on economic growth in Saudi Arabia for the 1990-2018 period. To this end, we used linear and nonlinear error-correction models (i.e., the ARDL, Pesaran et al. (2001), and NARDL, Shin et al. (2014), models) that are suited to capture the symmetric and asymmetric effects of economic diversification on economic growth based on the Solow model. As a measure of economic diversification, we used the Herfindahl index. In the linear and the nonlinear specifications, our results show that, economic diversification has a positive effect on the economic growth only in the long term. Furthermore, using the Wald test, the symmetric hypothesis in this relationship is not rejected, indicating that economic growth responds symmetrically to positive and negative changes in economic diversification. Our results also reveal that Saudi Arabia had relative success in achieving its goal of attaining a degree of economic diversification and enhancing its economic growth.

Cournot-Nash Equilibrium and Perfect Competition in the Solow-Uzawa Growth Model

The purpose of this study is to contribute to economic growth theory by introducing Cournot competition into the Solow-Uzawa neoclassical growth model with Zhang’s concept of disposable income and utility function. The Solow-Uzawa two-sector growth model deals with economic growth with two sectors with all the markets perfectly competitive. The final goods sector in this study is the same as that in the Solow model with perfect competition. The consumer goods sector is composed of two firms and characterized by Cournot competition. All the input factors are traded in perfectly competitive markets. The duopoly’s product is solely consumed by consumers. Perfectly competitive firms earn zero profit, while duopolists earn positive profits. This study assumes that the population shares the profits equally. First, we built the dynamic model. Afterward, we found a computational procedure to describe the time-dependent path of the economy and conducted comparative dynamic analyses of some parameters. Finally, we compared the economic performances of the model with Cournot competition and the perfectly competitive model.

ASSESSMENT OF THE LEVEL OF ECONOMIC SECURITY OF INNOVATIVE ENTERPRISES: ECONOMIC AND LEGAL ASPECT

Ukraine’s desire to integrate into the international economic space poses significant obstacles to innovative enterprises due to the destabilizing impact of globalization. Among the most important are financial, economic and political instability, risks of insolvency and reduced financial stability, which leads to the inability to meet external and internal challenges and ensure the optimal level of economic security. Under such conditions, the need to effectively counteract the destabilizing factors and ensure high rates of efficiency and profitability, which can be achieved through innovation and improvement of financial relations. Innovative activity, despite its high cost and significant level of risk, is one of the priorities of the enterprise. The activities of innovative enterprises attract the attention of economic agents, so ensuring the proper level of their economic security is no less important. Given that there is still no single unified and legally established method of calculating the level of economic security of enterprises, it is important to find the most acceptable and rational methods of calculating the level of security of enterprises, as well as developing a legal mechanism for their consolidation, which is the focus of scientists and practitioners for a long time. However, the problem has not yet been resolved. The article examines the main approaches to assessing the level of economic security of innovative enterprises and identifies the importance of the factor of innovation and legal regulation of financial relations with other economic agents. The main indicators of economic security of the enterprise are systematized and their classification into macroeconomic, financial, foreign economic, investment, scientific and technological, as well as production is performed. The method of assessment the level of economic security of an innovative enterprise using the Solow model is substantiated and proposed. Keywords: innovations, Solow model, indicators of economic security of the enterprise, integrated indicator of the level of economic security of the enterprise. JEL Classification С13, С51, О47, О33 Formulas: 39; fig.: 1; tabl.: 0; bibl.: 11.

Complex analysis of the state of the main elements of the mechanism for the development of the economic potential of the enterprise

The complexity of the relationship between the existing elements of the organizational and economic mechanism for the development of the economic potential of an enterprise, as an integral system, is revealed, which is a consequence of the fact that its individual subsystems and components are of a probabilistic nature. A comprehensive analysis of the state of the elements of the mechanism for the development of the economic potential of an enterprise is represented by types of analysis, objects of analysis, and the results of analysis. To determine the place of the organizational and economic mechanism for the development of economic potential, using the model of R. Solow, the qualitative and quantitative composition of the enterprise’s functions is investigated. Factor analysis according to the Solow model shows the special importance of modern scientific and technological progress, and the Solow remainder in his model reflects a number of other factors, including labor resources. The analysis shows that the overall economic growth in 2015-2019 cannot be compensated for only by an increase in labor and total capital. First of all, it can only be justified by the use of the state. The use of the Cobb-Douglas production function in the Solow model allows one to determine the nonlinear dependence of labor productivity on its capital-labor ratio. The Harrod-Domar model was also used, which showed that enterprises are able to provide capital gains in the current year through investments in the previous year. This was demonstrated by the example of the fixed capital of the country’s industry as an integral element of production potential. Also, on the basis of the research, more generalizing conclusions can be drawn. The influence of industry on the national economy as a whole is as follows: the development of industry will stimulate the growth of other sectors of the economy through an increase in demand for their products and this will become the main catalyst for the development of the Ukrainian economy and will increase GDP; the growth of the industrial sector will increase the competitiveness of Ukrainian workers in the global labor market and reduce the unemployment rate; industrial development will increase the role of Ukraine in the international economic market and will increase the volume of foreign exchange earnings; industrial modernization and the introduction of high-tech production will increase the potential of the economy as a whole.