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Theoretical and Applied Economics
No. 6 / 2014 (595)

Some insights about determinants of economic growth in Romania. An empirical exercise

Monica Pop SILAGHI
Babeş-Bolyai University, Cluj-Napoca, Romania
Ramona MEDEŞFĂLEAN
Babeş-Bolyai University, Cluj-Napoca, Romania

Abstract. This paper seeks to identify some determinants of the economic growth in Romania using a Cobb-Douglas production function. We introduce in the standard Cobb-Douglas production function innovation and education. Besides classical factors, such as labor and capital, we add R&D output and human capital variables. We depict significance in the case of classical factors, labor and capital. Patents are found to be negative and significant while human capital is insignificant. These results mean that there is a need to correct for some deficiencies in obtaining patents and to stimulate the development of new own technology and high quality of human capital formation.

Keywords: Cobb Douglas, regression, economic growth, innovation, education.

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