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Empirical Exercise: The Role of Cultural Factors in the Growth Process - Assignment Example

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To get the minimum value of thrift across the various countries, first you use thr omit function, in order to omit NA value from the data set. The results for…
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Empirical Exercise: The Role of Cultural Factors in the Growth Process
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Empirical Exercise: The Role of Cultural Factors in the Growth Process

Download file to see previous pages... The scatter plot below can be interpreted as showing that, less than 40% perseverance creates a productivity growth. Above 40% to 70% there is a diminishing level of perseverance in relation to productivity growth.
The effect of technology on productivity is generally variable. The graphical output from R below, indicates that and optimal level of using technology to drive productivity growth is in the region of 50%.
From the scatter plot below, one can obviously interpret that, a higher wellbeing factor (65% and above) result in a higher per capita income. Most of the scatter data points are above the zero per capita at the 65% mark. You can probably conclude that higher income countries are happier.
In conclusion, all the cultural factors mentioned above have a significant effect on the overall GDP. This comes in the form of motivation of the labor force by providing social incentives and workable policies. Attitude towards technology, perseverance and wellbeing have been used in previous questions to show how productivity growth is slightly positively these cultural factors. The policy implication may include implementation of structural funds in order to improve wage rates, increasing interest rates on savings/deposits and better health care for better wellbeing of the ...Download file to see next pagesRead More
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