• 13.10.2022

First Economic Seminar at the Faculty of Economics Successfully Held



Univerzitet Crne Gore
Univerzitet Crne Gore

 First Economic Seminar was held at the Faculty of Economics and on that occasion the results of the research on the topic: Decomposition of the production growth rate and total factor productivity - methods and empirical results were presented. The research, in which assistant professor Julija Cerović Smolović, Ph.D., and Bojan Pejović, M.Sc., participated from the Faculty of Economics, was conducted on three large samples: the economies of the Balkans, the economies of the former SFR Yugoslavia and 30 European countries, for the time period 1952-1987 and 1997-2019. years, were implemented with the aim of decomposing the growth rate of total production and production at the sectoral level (agriculture, industry and services) into components resulting from the growth rate of capital, the growth rate of employment and the growth rate of total factor productivity (efficiency of the use of labor and capital). Arithmetic (accounting) and econometric methods were used in the research.

The assessment of factor productivity growth is significant due to its impact on long-term economic growth. Also, there are differences between sectors in the efficiency of the use of labor and capital, which affects the dynamics of economic growth. The lowest factor productivity was assessed in the service sector and the highest in industry. Although service sector growth is significant for overall income and employment growth, its contribution to long-term growth, through low or even negative productivity growth, is still the subject of much debate. The results of the research can be used in defining the priorities of national policies.

 

Results of the research are published in:

  1. Baćović, Maja. (2021).Total factor productivity growth in upper middle-income Balkan countries from 2000-2017, total economy and sectoral approach: growth accounting method, Argumenta Oeconomica, 1(46), str. 79-97, DOI: 10.15611/aoe.2021.1.04 2021
  2. Baćović, M. (2021). Sectoral Approach in Output Growth Decomposition and its Determinants in Europe, Management & Economics Research Journal, 3(2), str. 1-21, ISSN 2710-8856 (Online); ISSN 2676-184X (Print). DOI: https://org/10.48100/merj.2021.159
  3. Baćović, Maja,Andrijašević, Živko, Cerović-Smolović, Julija. (2022). Structural Changes and Growth in Europe: Are Knowledge-intensive Services Changing Paradigm of Expansion of Services as a Long-term Growth-diminishing Factor?Ekonomický časopis/Journal of Economics, 70(2), str. 124-143. Institute of Economic Research of Slovak Academy of Sciences and Institute for Forecasting of CSPS of Slovak Academy of Sciences. ISSN 0013-3035. DOI: https://doi.org/10.31577/ekoncas.02
  4. Baćović, Maja,Andrijašević, Živko, Pejović Bojan. (2022). Divergence between the Economies of the (Former) Yugoslav Republics: Is It Possible to Change Direction?, Eastern European Economics, 60(3), str. 265-284,  Print ISSN:0012-8775, Online ISSN: 1557-9298, DOI: https://doi.org/10.1080/00128775.2022.2038034


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