'Macroconstants of development': a new benchmark for the strategic development of advanced countries and firms Online publication date: Tue, 31-Jan-2017
by Andrey V. Bystrov; Vyacheslav N. Yusim; Tamilla Curtis
International Journal of Business and Globalisation (IJBG), Vol. 18, No. 2, 2017
Abstract: This research proposed a new indicator of countries' development called macroconstants of development. Research of longitudinal data of total GDP, GDP per capita and their derivatives for most countries of the world was conducted by employing econometric analyses. It was identified that the average acceleration of an individual country's development is practically independent of time. The new indicator macroconstants of development, which characterises the acceleration rate of a country's technological development, was proposed. The practical application for employing new indicator as a single indicator is to more accurately forecast 15 or more years of long-term development of individual countries as well as large firms. The contribution of this research is a proposed new direction to study the development of the world's economic systems at the micro, meso and macro levels. The new advanced method will be available to policy makers for economic development decisions under the market conditions.
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