Human Capital, Entrepreneurship and Rural Growth of the Serbian Economy
DOI:
https://doi.org/10.7251/ACE1829039JKeywords:
rural areas, outdoor amenities, human capital, entrepreneurship, rural growth, SerbiaAbstract
In the new economy, based on knowledge and innovation, the concept of human capital is becoming an increasingly important factor of growth (and development) not only for urban, but also for rural areas. The studies dealing with the analysis of the available human capital at the local level have highlighted its significant presence in rural areas characterised by a “specific environmental quality”, defined in the literature as rural outdoor amenities. Highly educated individuals who live and work with their families in these areas are responsible for the successful transformation of the local economy, employment growth, the improvement of living standard, development of entrepreneurship, and achievement of high rates of economic growth. This paper is aimed at analysing the relevance of the concept of human capital for rural development, with special emphasis on the rural development of Serbia. The paper presents the results of an empirical study of the model of economic growth of rural areas in Serbia, based on the panel data analysis, during a five-year period. According to the results, human capital and entrepreneurship have a significant impact on economic growth. Additionally, there are significant differences in the rate of economic growth between the rural areas with high and low outdoor amenities in Serbia. Human capital and entrepreneurship are represented in the models of rural economy growth as determinants of the development mechanism through which rural economies grow.
References
Acs, Z. J., Audretsch, D. B., Braunerhjelm, P. & Carlsson, B. (2004). The missing link: The knowledge filter and entrepreneurship in endogenous growth.
Audretsch, D. B., Bönte, W. & Keilbach, M. (2008). Entrepreneurship capital and its impact on knowledge diffusion and economic performance. Journal of business venturing, 23(6), 687-698.
Audretsch, D. B., Lehmann, E. E. & Seitz, N. (2017). Cultural amenities, subcultures and entrepreneurship.
Baltagi, B. H. (2014). Econometric Analysis of Panel Data. 5th edit, John Wiley & Sons.
Deller, S. C., Tsai, T. H., Marcouiller, D. W. & English, D. B. (2001). The role of amenities and quality of life in rural economic growth. American Journal of Agricultural Economics, 83(2), 352-365.
Florida, R., Mellander, C., & Stolarick, K. (2008). Inside the black box of regional development—human capital, the creative class and tolerance. Journal of economic geography, 8(5), 615-649.
Fritsch, M., & Sorgner, A. (2013). Entrepreneurship and creative professions: a microlevel analysis, SOEPpapers on Multidisciplinary Panel Data Research 538, German
Socio-Economic Panel Study. Berlin: German Institute for Economic Research.
Gottlieb, P. D. (1994). Amenities as an economic development tool: is there enough evidence?. Economic development quarterly, 8(3), 270-285.
Harpa, E. (2017). Macroeconomic Analysis of the Competitive Factors which Influence Innovation in Rural Entrepreneurship. Procedia engineering, 181, 965-968.
Josipović, S. (2018). Ljudski kapital u modelima ekonomskog rasta ruralnih područja (Human Capital In The Models Of Economic Growth Of Rural Areas). Ekonomske ideje i praksa, (28), 47-58.
Josipović, S. (2018a). Pogodnosti ambijenta, preduzetništvo i ruralni razvoj Srbije: doktorska disertacija. Beograd: Ekonomski fakultet, Univerzitet u Beogradu.
Josipović, S., Dondur, N. & Pokrajac, S. (2018). The concept of entrepreneurship and economic growth: example of rural areas in Serbia. Proceedings of 7th International Symposium on Industrial Engineering - SIE 2018, Faculty of Mechanical Engineering, Belgrade, Serbia.
Jovičić, M. & Dragutinović-Mitrović, R. (2018). Ekonometrijski metodi i modeli. Beograd: CID, Ekonomski fakultet.
Komarek, T. M.& Loveridge, S. (2014). Too big? Too small? Just right? An empirical perspective on local firm size distribution and economic growth in US counties and high-poverty rural regions. Economic Development Quarterly, 28(1), 28-41.
Korsgaard, S., Müller, S. & Tanvig, H. W. (2015). Rural entrepreneurship or entrepreneurship in the rural–between place and space. International Journal of Entrepreneurial Behavior & Research, 21(1), 5-26.
Lucas Jr, R. E. (1988). On the mechanics of economic development. Journal of monetary economics, 22(1), 3-42.
McGranahan, D. A., Wojan, T. R. & Lambert, D. M. (2010). The rural growth trifecta: outdoor amenities, creative class and entrepreneurial context. Journal of Economic Geography, 11(3), 529-557.
Michelacci, C. (2003). Low returns in R&D due to the lack of entrepreneurial skills. The Economic Journal, 113(484), 207-225.
Srbija, R. (2010). Ministarstvo ekonomije i regionalnog razvoja. Republički zavod za razvoj, Nacionalna agencija za regionalni razvoj, Izveštaj o malim i srednjim preduzećima i preduzetništvu 2009.
Srbija, R. (2010). Republički zavod za statistiku. Opštine u Srbiji 2009.
Srbija, R. (2010). Republički zavod za statistiku. Opštine u Srbiji 2010.
Srbija, R. (2011). Ministarstvo ekonomije i regionalnog razvoja. Republički zavod za razvoj, Nacionalna agencija za regionalni razvoj, Izveštaj o malim i srednjim preduzećima i preduzetništvu 2010.
Srbija, R. (2011). Republički zavod za statistiku. Opštine u Srbiji 2011.
Srbija, R. (2012). Ministarstvo ekonomije i regionalnog razvoja. Republički zavod za razvoj, Nacionalna agencija za regionalni razvoj, Izveštaj o malim i srednjim preduzećima i preduzetništvu 2011.
Srbija, R. (2012). Republički zavod za statistiku. Opštine u Srbiji 2012.
Srbija, R. (2013). Ministarstvo ekonomije i regionalnog razvoja. Republički zavod za razvoj, Nacionalna agencija za regionalni razvoj, Izveštaj o malim i srednjim preduzećima i preduzetništvu 2012.
Srbija, R. (2013). Republički zavod za statistiku. Opštine u Srbiji 2013.
Srbija, R. (2014). Ministarstvo ekonomije i regionalnog razvoja. Republički zavod za razvoj, Nacionalna agencija za regionalni razvoj, Izveštaj o malim i srednjim preduzećima i preduzetništvu 2013.
Naldi, L., Nilsson, P., Westlund, H. & Wixe, S. (2015). What is smart rural development?. Journal of Rural Studies, 40, 90-101.
Păunescu, C., Staicu, D. & Pop, O. (2018). The propensity for entrepreneurship among rural populations. A Central and Eastern European country perspective. In Proceedings of the International Conference on Business Excellence (Vol. 12, No. 1, pp. 728-738). Sciendo.
Pokrajac, S. (2014). Reindustrijalizacija i preduzetništvo kao putevi i način oporavka srpske privrede. U: Zbornik radova :Moguće strategije razvoja Srbije. Beograd: Srpska akademija nauka i umetnosti odeljenje društvenih nauka, 673 – 684.
Rikalović, G. i Molnar, D. (2014). Strategija kreativizacije kao mogući način revitalizacije, oporavka i razvoja Srbije.U: Zbornik radova: Moguće strategije razvoja Srbije. Beograd: Srpska akademija nauka i umetnosti odeljenje društvenih nauka, 389 – 402.
Rikalović, G. & Josipović, S. (2018). Mapiranje ruralne Srbije prema indeksu prirodnih pogodnosti. U: Zbornik Matice Srpske za društvene nauke. 166, 249 – 261.
Shucksmith, M. (2013). Future Directions in Rural Development–Full Report.
Skuras, D., Meccheri, N., Moreira, M. B., Rosell, J. & Stathopoulou, S. (2005). Entrepreneurial human capital accumulation and the growth of rural businesses: a fourcountry survey in mountainous and lagging areas of the European union. Journal of Rural Studies, 21(1), 67-79.
Ulrich-Schad, J. D. (2015). Recreational amenities, rural migration patterns, and the Great Recession. Population and Environment, 37(2), 157-180.
Wojan, T. R. & McGranahan, D. A. (2007). Ambient returns: creative capital’s contribution to local manufacturing competitiveness. Agricultural and Resource Economics Review, 36(1), 133-148.
Wu, J. & Gopinath, M. (2008). What causes spatial variations in economic development in the United States?. American Journal of Agricultural Economics, 90(2), 392-408.
