| Abstrakt: |
This paper aims to measure the influence of human capital, the rule of law, and the protection of property rights on GDP. The works of Acemoglu have inspired the research. This study has used a self-structured sample containing eight countries: Germany, Czech Republic, Hungary, Serbia, Italy, the UK, Spain, and Sweden. The selection of countries in the sample was intentional. While choosing it, the countries' business culture, path dependence, and geopolitical situation have been taken into account. The analysis showed a high correlation of all three observed indices with GDP/cap. In order to determine the relative share of overall indices in economic growth, a graphic representation was used. The regression analysis showed that the change in the IPRI value by one percentage point leads to a more significant positive impact on GDP growth in the group of less developed countries than in the leading developed economies. Although GDP jumps percent are higher in countries with lower IPRI, they are roughly equal to those recorded in developed countries if observed in real terms. This can be explained by the fact that countries with high IPRI have accumulated a higher mass of GDP over time. [ABSTRACT FROM AUTHOR] |
