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dc.contributor.authorIonescu, Romeo-
dc.date.accessioned2018-06-15T06:32:55Z-
dc.date.available2018-06-15T06:32:55Z-
dc.date.issued2012-
dc.identifier.citationIonescu, R. (2012). Technical progress as a solution for Romania and Greece to face the global crisis’ problems and the bad forecasts. European Research Studies Journal, 15(2), 33-46.en_GB
dc.identifier.urihttps://www.um.edu.mt/library/oar//handle/123456789/31056-
dc.description.abstractThe paper deals with the two Member States which were put down by the crisis: Greece and Romania. As a result, the analysis is focused on 2009-2012 time period, in order to explain the economic situation, to forecast it and to find another solution to face the crisis challenge. The first step was to analyse the possibility to define an economic model which to be able to quantify the support of the technical progress on the economic recovery. A distinct part of the paper is that regarding to the model’s equations and parameters which are used from qualified statistical surveys. The model consists of a specific production function which was defined in order to quantify the labour productivity and the fixed capital efficiency under the impact of the technical progress. This technical progress in the economy is quantified by the growth of the labour knowledge and the growth of fixed capital use degree. The economic analysis is focused on labour productivity and capital efficiency and tried to offer solutions in order to optimise the economic behaviour under crisis using the human capital stock of knowledge. The last part of the paper analyses the evolution of the fixed capital efficiency as a result of the labour knowledge growth and the evolution of the fixed capital efficiency supported by the new machines and equipments. The main conclusion of the paper is that the technical progress represents a chance for the economic recovery in Romania and Greece. Both countries have relative advantage in using their relative high skilled labour and paying lower wages caused by the crisis. But their ability to obtain benefits from these is still far away. The model used in the paper is able to offer a useful instrument of analysis in order to quantify the impact of the technical progress on the economic development. The whole analysis is based on official databases: Eurostat, IMF, World Bank and National Statistic Institutes.en_GB
dc.language.isoenen_GB
dc.publisherUniversity of Piraeus. International Strategic Management Associationen_GB
dc.rightsinfo:eu-repo/semantics/openAccessen_GB
dc.subjectGlobal Financial Crisis, 2008-2009en_GB
dc.subjectFinancial crises -- Greeceen_GB
dc.subjectFinancial crises -- Romaniaen_GB
dc.subjectProduction functions (Economic theory)en_GB
dc.subjectLabor productivity -- Greeceen_GB
dc.subjectLabor productivity -- Romaniaen_GB
dc.subjectOverhead costsen_GB
dc.titleTechnical progress as a solution for Romania and Greece to face the global crisis’ problems and the bad forecastsen_GB
dc.typearticleen_GB
dc.rights.holderThe copyright of this work belongs to the author(s)/publisher. The rights of this work are as defined by the appropriate Copyright Legislation or as modified by any successive legislation. Users may access this work and can make use of the information contained in accordance with the Copyright Legislation provided that the author must be properly acknowledged. Further distribution or reproduction in any format is prohibited without the prior permission of the copyright holder.en_GB
dc.description.reviewedpeer-revieweden_GB
dc.publication.titleEuropean Research Studies Journalen_GB
Appears in Collections:European Research Studies Journal, Volume 15, Issue 2

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