GDP and Remuneration Growth: Comparison of the Creative Industries and the Manufacturing Industry

Result code in IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216305%3A26510%2F21%3APU142737" target="_blank" >RIV/00216305:26510/21:PU142737 - isvavai.cz</a>

Result on the web

<a href="https://www.esd-conference.com/upload/book_of_proceedings/Book_of_Proceedings_esdZagreb2021_Online.pdf" target="_blank" >https://www.esd-conference.com/upload/book_of_proceedings/Book_of_Proceedings_esdZagreb2021_Online.pdf</a>

DOI - Digital Object Identifier

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Result language

angličtina

Original language name

GDP and Remuneration Growth: Comparison of the Creative Industries and the Manufacturing Industry

Original language description

This article aims to determine the relationship between the GDP growth time series of a particular sector of the economy and the average remuneration growth time series in that specific sector of the economy. More precisely, the article aims to determine whether the GDP growth time series can be used to forecast remuneration growth. Over the last three decades, the countries of Central Europe have undergone significant development. Historically, heavily industrialized countries are now converging at different speeds towards a knowledge-based economy. The article compares two vastly different sectors of the economy in the Czech Republic, namely, the manufacturing industry and the creative industries, which belong to the knowledge economy. The relationship analysis between the GDP growth time series and the average remuneration growth time series was achieved through the Granger causality test. Even though the statistical analysis did not confirm the possibility of predicting remuneration growth through GDP growth, findings from the time series analysis confirmed multiple multinational trends in the Czech Republic. The first one is the more dynamic growth of the creative industries sector compared to the manufacturing industry. The second is slower average remuneration growth in the creative industries compared to the manufacturing industry, which suggests the questionable treatment of the creative labour.

Czech name

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Czech description

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Type

D - Article in proceedings

CEP classification

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OECD FORD branch

50204 - Business and management

Project

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Continuities

S - Specificky vyzkum na vysokych skolach

Publication year

2021

Confidentiality

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Article name in the collection

Economic and Social Development (Book of Proceedings), 76th International Scientific Conference on Economic and Social Development Development - "Building Resilient Society"

ISBN

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ISSN

1849-7535

e-ISSN

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Number of pages

340

Pages from-to

61-68

Publisher name

Varazdin Development and Entrepreneurship Agency and University North

Place of publication

Zagreb

Event location

Zagreb

Event date

Dec 17, 2021

Type of event by nationality

WRD - Celosvětová akce

UT code for WoS article

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