Research on the Impact of Standardization on Economic Growth

Zhang Luqing

doi:doi:10.11648/j.ijefm.20210906.14

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Research on the Impact of Standardization on Economic Growth

Zhang Luqing

Published in International Journal of Economics, Finance and Management Sciences (Volume 9, Issue 6)

Received: 5 November 2021 Accepted: 23 November 2021 Published: 27 November 2021

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Abstract

The relationship between standardization and economic growth has received increasing attention. This article first gives different classifications of standards, including classification based on economic purposes. The analysis shows that standards have economic effects in reducing information asymmetry, promoting economies of scale, expanding division of labor, and accelerating technology transfer and diffusion. The research literature of foreign standards on economic growth shows that standards are an important factor in promoting economic growth. Empirical results (mainly based on the Cobb-Douglas production function or VAR model) show that there is a significant positive correlation between standards and economic growth, and standards can effectively promote Economic growth. In addition, the Granger causality test between the standard and economic growth points out that economic growth is the Granger reason for the standard, indicating that the standard is not an exogenous variable independent of the economic system, and the standard level is affected by the economic level of a country. It is an endogenous variable determined by the economic system. At the end of the article, it also gives suggestions on possible future research directions, from the perspectives of the impact of splitting to standard sub-categories, management standards, economic growth quality, and institutional economics.

Published in	International Journal of Economics, Finance and Management Sciences (Volume 9, Issue 6)
DOI	10.11648/j.ijefm.20210906.14
Page(s)	236-241
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Standardization, Technical Standard, Economic Growth, Cobb-Douglas Production Function

References

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APA Style

Zhang Luqing. (2021). Research on the Impact of Standardization on Economic Growth. International Journal of Economics, Finance and Management Sciences, 9(6), 236-241. https://doi.org/10.11648/j.ijefm.20210906.14

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ACS Style

Zhang Luqing. Research on the Impact of Standardization on Economic Growth. Int. J. Econ. Finance Manag. Sci. 2021, 9(6), 236-241. doi: 10.11648/j.ijefm.20210906.14

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AMA Style

Zhang Luqing. Research on the Impact of Standardization on Economic Growth. Int J Econ Finance Manag Sci. 2021;9(6):236-241. doi: 10.11648/j.ijefm.20210906.14

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@article{10.11648/j.ijefm.20210906.14,
  author = {Zhang Luqing},
  title = {Research on the Impact of Standardization on Economic Growth},
  journal = {International Journal of Economics, Finance and Management Sciences},
  volume = {9},
  number = {6},
  pages = {236-241},
  doi = {10.11648/j.ijefm.20210906.14},
  url = {https://doi.org/10.11648/j.ijefm.20210906.14},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijefm.20210906.14},
  abstract = {The relationship between standardization and economic growth has received increasing attention. This article first gives different classifications of standards, including classification based on economic purposes. The analysis shows that standards have economic effects in reducing information asymmetry, promoting economies of scale, expanding division of labor, and accelerating technology transfer and diffusion. The research literature of foreign standards on economic growth shows that standards are an important factor in promoting economic growth. Empirical results (mainly based on the Cobb-Douglas production function or VAR model) show that there is a significant positive correlation between standards and economic growth, and standards can effectively promote Economic growth. In addition, the Granger causality test between the standard and economic growth points out that economic growth is the Granger reason for the standard, indicating that the standard is not an exogenous variable independent of the economic system, and the standard level is affected by the economic level of a country. It is an endogenous variable determined by the economic system. At the end of the article, it also gives suggestions on possible future research directions, from the perspectives of the impact of splitting to standard sub-categories, management standards, economic growth quality, and institutional economics.},
 year = {2021}
}

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TY  - JOUR
T1  - Research on the Impact of Standardization on Economic Growth
AU  - Zhang Luqing
Y1  - 2021/11/27
PY  - 2021
N1  - https://doi.org/10.11648/j.ijefm.20210906.14
DO  - 10.11648/j.ijefm.20210906.14
T2  - International Journal of Economics, Finance and Management Sciences
JF  - International Journal of Economics, Finance and Management Sciences
JO  - International Journal of Economics, Finance and Management Sciences
SP  - 236
EP  - 241
PB  - Science Publishing Group
SN  - 2326-9561
UR  - https://doi.org/10.11648/j.ijefm.20210906.14
AB  - The relationship between standardization and economic growth has received increasing attention. This article first gives different classifications of standards, including classification based on economic purposes. The analysis shows that standards have economic effects in reducing information asymmetry, promoting economies of scale, expanding division of labor, and accelerating technology transfer and diffusion. The research literature of foreign standards on economic growth shows that standards are an important factor in promoting economic growth. Empirical results (mainly based on the Cobb-Douglas production function or VAR model) show that there is a significant positive correlation between standards and economic growth, and standards can effectively promote Economic growth. In addition, the Granger causality test between the standard and economic growth points out that economic growth is the Granger reason for the standard, indicating that the standard is not an exogenous variable independent of the economic system, and the standard level is affected by the economic level of a country. It is an endogenous variable determined by the economic system. At the end of the article, it also gives suggestions on possible future research directions, from the perspectives of the impact of splitting to standard sub-categories, management standards, economic growth quality, and institutional economics.
VL  - 9
IS  - 6
ER  -

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Author Information

Zhang Luqing

School of Management, Capital Normal University, Beijing, China

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Plain Text BibTeX RIS

APA Style

Zhang Luqing. (2021). Research on the Impact of Standardization on Economic Growth. International Journal of Economics, Finance and Management Sciences, 9(6), 236-241. https://doi.org/10.11648/j.ijefm.20210906.14

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ACS Style

Zhang Luqing. Research on the Impact of Standardization on Economic Growth. Int. J. Econ. Finance Manag. Sci. 2021, 9(6), 236-241. doi: 10.11648/j.ijefm.20210906.14

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AMA Style

Zhang Luqing. Research on the Impact of Standardization on Economic Growth. Int J Econ Finance Manag Sci. 2021;9(6):236-241. doi: 10.11648/j.ijefm.20210906.14

Copy | Download

@article{10.11648/j.ijefm.20210906.14,
  author = {Zhang Luqing},
  title = {Research on the Impact of Standardization on Economic Growth},
  journal = {International Journal of Economics, Finance and Management Sciences},
  volume = {9},
  number = {6},
  pages = {236-241},
  doi = {10.11648/j.ijefm.20210906.14},
  url = {https://doi.org/10.11648/j.ijefm.20210906.14},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijefm.20210906.14},
  abstract = {The relationship between standardization and economic growth has received increasing attention. This article first gives different classifications of standards, including classification based on economic purposes. The analysis shows that standards have economic effects in reducing information asymmetry, promoting economies of scale, expanding division of labor, and accelerating technology transfer and diffusion. The research literature of foreign standards on economic growth shows that standards are an important factor in promoting economic growth. Empirical results (mainly based on the Cobb-Douglas production function or VAR model) show that there is a significant positive correlation between standards and economic growth, and standards can effectively promote Economic growth. In addition, the Granger causality test between the standard and economic growth points out that economic growth is the Granger reason for the standard, indicating that the standard is not an exogenous variable independent of the economic system, and the standard level is affected by the economic level of a country. It is an endogenous variable determined by the economic system. At the end of the article, it also gives suggestions on possible future research directions, from the perspectives of the impact of splitting to standard sub-categories, management standards, economic growth quality, and institutional economics.},
 year = {2021}
}

Copy | Download

TY  - JOUR
T1  - Research on the Impact of Standardization on Economic Growth
AU  - Zhang Luqing
Y1  - 2021/11/27
PY  - 2021
N1  - https://doi.org/10.11648/j.ijefm.20210906.14
DO  - 10.11648/j.ijefm.20210906.14
T2  - International Journal of Economics, Finance and Management Sciences
JF  - International Journal of Economics, Finance and Management Sciences
JO  - International Journal of Economics, Finance and Management Sciences
SP  - 236
EP  - 241
PB  - Science Publishing Group
SN  - 2326-9561
UR  - https://doi.org/10.11648/j.ijefm.20210906.14
AB  - The relationship between standardization and economic growth has received increasing attention. This article first gives different classifications of standards, including classification based on economic purposes. The analysis shows that standards have economic effects in reducing information asymmetry, promoting economies of scale, expanding division of labor, and accelerating technology transfer and diffusion. The research literature of foreign standards on economic growth shows that standards are an important factor in promoting economic growth. Empirical results (mainly based on the Cobb-Douglas production function or VAR model) show that there is a significant positive correlation between standards and economic growth, and standards can effectively promote Economic growth. In addition, the Granger causality test between the standard and economic growth points out that economic growth is the Granger reason for the standard, indicating that the standard is not an exogenous variable independent of the economic system, and the standard level is affected by the economic level of a country. It is an endogenous variable determined by the economic system. At the end of the article, it also gives suggestions on possible future research directions, from the perspectives of the impact of splitting to standard sub-categories, management standards, economic growth quality, and institutional economics.
VL  - 9
IS  - 6
ER  -

Copy | Download