Economics

Transforming power of research and development on inequality and well-being: a European Union perspective within the circular economy framework

M. Skare, B. Gavurova, et al.

This innovative study dives deep into the interplay between income inequality, R&D potential, and human development in EU nations while emphasizing circular economy adoption. The research conducted by Marinko Skare, Beata Gavurova, and Martin Rigelsky unveils intriguing correlations, urging a redefinition of economic growth metrics and the prioritization of a well-being economy.

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Abstract

This study investigates the relationships between income inequality, research and development (R&D) potential, and human development in EU countries, focusing on circular economy (CE) adoption. Using data from 27 EU countries (2010-2020), cluster analysis categorized nations by CE adoption levels. Panel regression analysis revealed a positive correlation between income and R&D, stronger in countries with robust CE adoption. A positive link between R&D and human development indicators was also found. However, government R&D showed inefficiencies, particularly in high CE adoption countries. The study suggests redefining economic growth metrics and prioritizing a well-being economy.

Publisher

Humanities and Social Sciences Communications

Published On

Feb 03, 2024

Authors

Marinko Skare, Beata Gavurova, Martin Rigelsky

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