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1- Department of Economics, Faculty of Economic and Social Sciences, Bu-Ali Sina University, Hamedan, Iran , hosseinidoust@basu.ac.ir
2- Department of Economics, Faculty of Economic and Social Sciences, Bu-Ali Sina University, Hamedan, Iran
2- Department of Economics, Faculty of Economic and Social Sciences, Bu-Ali Sina University, Hamedan, Iran
Abstract: (209 Views)
In this article, in order to investigate the mutual effects of social progress index and economic growth from statistics related to social progress and gross domestic product per capita in 27 member countries of the Organization of Islamic Cooperation, which were respectively taken from the social progress index and the World Bank in the years 2012 to 2021. has been used and to investigate the relationship between them, the simultaneous equation system approach in the form of the three-stage least squares method (3SLS) has been used using Stata software.
The results of the data estimation in the studied years showed that in the model of GDP, social progress index, economic freedom and government consumption expenditure have an increasing and significant effect on the GDP per capita of the studied countries. In the model related to the social progress index, the global innovation index, education index and GDP per capita have a positive and significant effect on the social progress index.
The results obtained from both models show the existence of a positive and significant relationship between the social progress index and GDP per capita, which confirms the existence of a complementary relationship between these two variables.
The results of the data estimation in the studied years showed that in the model of GDP, social progress index, economic freedom and government consumption expenditure have an increasing and significant effect on the GDP per capita of the studied countries. In the model related to the social progress index, the global innovation index, education index and GDP per capita have a positive and significant effect on the social progress index.
The results obtained from both models show the existence of a positive and significant relationship between the social progress index and GDP per capita, which confirms the existence of a complementary relationship between these two variables.
Keywords: social progress index, gross domestic product per capita, endogeneity, system of simultaneous equations, three-stage least squares method (3SLS)
Article Type: Original Research |
Subject:
Economic Development and Growth
Received: 2023/10/11 | Accepted: 2023/12/26
Received: 2023/10/11 | Accepted: 2023/12/26
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