THE LATENT CONTENT MODEL OF ECONOMIC GROWTH
DOI:
https://doi.org/10.47604/ijecon.1183Keywords:
Latent Content Model, Psychological Well-being, Economic Growth, Subjective Well-being, Happiness ModelAbstract
Purpose: This paper aimed to establish a latent content (LC) model of economic growth that integrates both economic and non-economic variables.
Methodology: The study used a cross-sectional survey research design. The checklist questionnaires were used to collect primary data. The sample size of the study was 2011 individuals, randomly sampled from Mwanza and Kagera regions in Tanzania. Cronbach'Alpha and principal component analysis (PCA) were used to test reliability and validity of questionnaires respectively. The study used both linear and non-linear modelling data analytics methods to examine assumptions of the LC model of economic growth. Clearly, the study used automatic linear modelling, stochastic structural-factor frontier analysis, and structural equation modelling to test the linearity assumption of the LC model. Moreover, the probit model and neural network analysis were used to examine the non- linearity assumption of the LC model.
Findings: The study evidenced that the LC model was significantly determined by capital, psychological well-being (PWB), and labour. However, the labour was found significant negatively impacts economic growth. The subjective well-being (SWB) indicators were found insignificantly impacting the economic growth, however they have indirect impacts. Furthermore, the study confirmed that non-economic variables had less probabilistic power than economic variables. The paper concluded that an optimal economic growth (GDP) was direct related to capital, psychological wellbeing and inversely proportional to labour. However, the effectiveness of capital and labour were due to mediation effects of subjective well-being and psychological well-being respectively.
Unique contribution to theory, practice and policy: The LC model of economic growth introduces a modern theory of economic growth, that its adoption will affect the traditional economic theories, practices and policy settings. The model was found empirically valid, hence, the paper recommended the adoption of the LC model in pre-and post micro and macro-economic policy and strategy designs/planning. The adoption of the model will increase the probability of an individual of getting a high economic growth (output) as well as the strengthening of psychosocial resources. However, this study suggested further study by using longitudinal data to attest the LC model as the current study only limited on the cross-sectional data.
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References
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Huggins, R., Thompson, P. and Obschonka, M. (2018). Human Behaviour and Economic Growth: A Psycho-cultural Perspective on Local and Regional Development. Environment and Planning A, 50(6), 1269-1289.
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Kaplan, D. (2001). Structural Equation Modeling, in Smelser, N.J and Baltes, P.B, International Encyclopedia of the Social & Behavioral Sciences. Elsevier, Stanford, CA, USA.
Kara, A. and Petrescu, M. (2018). Self-Employment and its Relationship to Subjective Well- Being, International Review of Entrepreneurship. 16(1), 115-140.
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Kodde, D.A. and Palm, F. (1986). Wald Criteria for Jointly Testing Equality and Inequality Restrictions. Econometrica, 54(5), 1243-48.
Kumbhakar, S.C., Wang, H.J and Horncastle, A. (2015). A Practitioner's Guide to Stochastic Frontiers Analysis Using Stata. Cambridge University Press.
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Li, C., D. S. Poskitt. D.S. and Zhao. X. (2017).The Bivariate Probit Model, Maximum Likelihood Estimation, Pseudo True Parameters and Partial Identification. Department of Econometrics and Business Statistics, Monash University.
Li, J. (2016). Why Economic Growth Did Not Translate into Increased Happiness: Preliminary Results of A Multilevel Modeling of Happiness in China. Social Indicators Research, 128 (1), 241-263.
Li, L. and Shi, L. (2019). Economic Growth and Subjective Well-Being: Analyzing the Formative Mechanism of Easterlin Paradox. The Journal of Chinese Sociology, 6(1), 1- 19: doi.org/10.1186/s40711-018-0090-9
Liang, Y. and Shen, J. (2016). Subjective Well-Being and Its Determinants in China: An Empirical Study Based on Survey Data. Research in Applied Economics, 8 (3), 1-8.
Likert, R. A. (1932). A Technique for the Measurement of Attitudes. Archives of Psychology 140, 5-55.
Lindqvist, E., Östling, R. and Cesarini, D. (2020). Long-Run Effects of Lottery Wealth on Psychological Well-Being. Review of Economic Studies, 87, 2703-2726.
Liu, J., Xiong, M. and Yang, S. (2012). Happiness during the Period of Rapid Economic Growth: A Longitudinal Analysis Based On CGSS. Social Sciences in China, 6, 82-102.
Loon, M., Otaye-Ebede, L. and Stewart, J. (2019). The Paradox of Employee Psychological Well-Being Practices: An Integrative Literature Review and New Directions for Research, The International Journal of Human Resource Management, 30 (1), 156-187, doi: 10.1080/09585192.2018.1479877.
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Malhotra, K. (2020). Psychological and Social Effect of Pandemic Covid-19 on Education System, Business Growth, Economic Crisis and Health Issues Globally. Cosmos, an International Journal of Management, a Refereed Research Journal. 9(2), 26-32.
Marhaenia, A.I.N. and Purnamawati, I.A.G. (2021). Cultural Perspectives of Business Performance and Subjective Well-Being. Management Science Letters, 11, 1055-1062.
Malisa, A.E.(2007). Situation, Challenges and Plans for Environment Statistics in Tanzania. National Environmental Management Council, Department of Information System Management. Environment Statistics Workshop Held in Addis Ababa, Ethiopia, 16-20, July, 2007.
Markussen, T., Fibæk, M., Tarp, F. and Tuan ,N.D.A. (2018). The Happy Farmer: Self- Employment and Subjective Well-Being in Rural Vietnam. Journal of Happiness Studies, 19:1613-1636:doi.org/10.1007/s10902-017-9858-X.
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Meyer , N. and Hamilton, L.(2020). Female Entrepreneurs Business Training and Its Effect on Various Entrepreneurial Factors. Evidence from a Developing Country. International Journal of Economic and Finance Studies, 12(1), 135 -151.
Nikolaev, B., Boudreaux, C.J. and Wood, M. (2020). Entrepreneurship and Subjective Well- Being: The Mediating Role of Psychological Functioning. Entrepreneurship Theory and Practice, 44(3), 557-586.
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2020-12-21
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Bundala, N. N. (2020). THE LATENT CONTENT MODEL OF ECONOMIC GROWTH. International Journal of Economics, 5(1), 13 – 52. https://doi.org/10.47604/ijecon.1183
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