Unit:
Department of History and Philosophy of ScienceLibrary of the School of Science
Author:
Kourmpelis Ioannis
Dissertation committee:
Σταύρος Δρακόπουλος, Καθηγητής, Τμήμα Ιστορίας και Φιλοσοφίας της Επιστήμης, ΕΚΠΑ
Περσεφόνη Τσαλίκη, Καθηγήτρια, Τμήμα Οικονομικών Επιστημών, ΑΠΘ
Γέωργιος Γκότσης, Καθηγητής, Τμήμα Ιστορίας και Φιλοσοφίας της Επιστήμης, ΕΚΠΑ
Αθανάσιος Μανιάτης, Καθηγητής, Τμήμα Οικονομικών Επιστημών, ΕΚΠΑ
Ελευθέριος Τσουλφίδης, Καθηγητής, Τμήμα Οικονομικών Επιστημών, Πανεπιστήμιο Μακεδονίας
Αριστείδης Χατζής, Τμήμα Ιστορίας και Φιλοσοφίας της Επιστήμης, ΕΚΠΑ
Θεόδωρος Μαριόλης, Καθηγητής, Τμήμα Δημόσιας Διοίκησης, Πάντειο
Original Title:
The Evolution of Growth Models and their Suitability for Development Planning in Modern Economies: The Example of Greece and its Growth Determinants
Translated title:
The Evolution of Growth Models and their Suitability for Development Planning in Modern Economies: The Example of Greece and its Growth Determinants
Summary:
This thesis reviews the evolution of the economic growth theory beginning with the classical economists of 18th century and ending with the endogenous growth models that incorporated endogenously the term of productivity in the production function. It discusses in detail the effects of several macroeconomic variables in growth process and presents empirical evidence on the importance of technology and productivity in sustainable, long-term economic growth.
This thesis, based on the principals of endogenous growth theory, attempts to explain the economic growth complications met in developed, mainly tertiary economies the last two decades by using the example of Greek economy for the period 1995 – 2016. It studies the behaviour of tertiary labour productivity and analyzes its relationship with its core determinants as having been identified by theory and their contribution to sustainable growth. It argues for the reliability of labour productivity ratio as an index of competiveness between economies whose most of their GDP is generated by the services sector. At the end, it concludes if future labour productivity growth rates can be forecasted through an autoregressive model with one and two lags.
This thesis found that for Greek economy during the examined period, the main source of its GDP was the tertiary sector while total productivity was strongly affected by tertiary productivity. Both GDP and productivity growth have been deeply affected by the external debt crisis. As a ratio, tertiary labour productivity is determined only by the tertiary GDP, not by the total working hours in this sector. The adapted version of the second Kaldor’s law in services is verified therefore. The business tertiary sector is found to be labour – intensive but its productivity was not affected by variables which are indicators of technical progress such as investment in technical infrastructure and adequately educated workforce. Instead of that, profit and minimum wage remain the sole determinants of productivity of Greek business tertiary sector.
Main subject category:
Science
Keywords:
Labour productivity, tertiary sector, Greece, growth, growth theory
Number of references:
168
