Model of structural equation of influence knowledge economy on growth of gross domestic product

Abstract

The modern age is often described using the terms information society, post-industrial society, knowledge economy, e-culture. Each of these phrases stresses some of the components of our modernity and is the result of many commercialized technological progress in relation to the overall economic and social development. The object of changes is the organizational system, company, corporation, technology, business process and also a man. The origin of all is man’s natural tendency to develop and change themselves, their environment and any other changes are a reflection of such natural human aspirations for change. Therefore, man is constantly researching and generating new solutions in manufacturing, services, organization and in value chain continuously adds value using new knowledge. In the value of products increasing weight has the analytical knowledge, design, engineering, new materials, technological procedures. A new economy is developing whose base is knowledge and GDP growth directly influenced by knowledge incorporated in its production. Economic analysis can identify the sequence of causes and effects that begins with the constant need to increase competitiveness, continues with investments and technological progress and they result in greater competitiveness. Such a process is guided by economic logic and market criteria is continues, constantly produces higher technological level, better organizational performance, better quality products and service and a greater level of competitiveness. Is it possible to extract knowledge in a particular subsystem and measure its impact on GDP growth? The paper is based on the hypothesis that it is possible to build a model of structural equations by which it is possible to describe and measure the impact of the knowledge economy and migration on GDP growth. In addition to the theoretical components article validate such theoretical model of structural equation by empirical research.