Publication detail

GDP and Remuneration Growth: Comparison of the Creative Industries and the Manufacturing Industry

PROCHÁZKOVÁ, K. MIČÁK, P.

Original Title

GDP and Remuneration Growth: Comparison of the Creative Industries and the Manufacturing Industry

Type

conference paper

Language

English

Original Abstract

This article aims to determine the relationship between the GDP growth time series of a particular sector of the economy and the average remuneration growth time series in that specific sector of the economy. More precisely, the article aims to determine whether the GDP growth time series can be used to forecast remuneration growth. Over the last three decades, the countries of Central Europe have undergone significant development. Historically, heavily industrialized countries are now converging at different speeds towards a knowledge-based economy. The article compares two vastly different sectors of the economy in the Czech Republic, namely, the manufacturing industry and the creative industries, which belong to the knowledge economy. The relationship analysis between the GDP growth time series and the average remuneration growth time series was achieved through the Granger causality test. Even though the statistical analysis did not confirm the possibility of predicting remuneration growth through GDP growth, findings from the time series analysis confirmed multiple multinational trends in the Czech Republic. The first one is the more dynamic growth of the creative industries sector compared to the manufacturing industry. The second is slower average remuneration growth in the creative industries compared to the manufacturing industry, which suggests the questionable treatment of the creative labour.

Keywords

Creative Industries, Manufacturing Industry, Economic Growth, Remuneration, Working Conditions

Authors

PROCHÁZKOVÁ, K.; MIČÁK, P.

Released

18. 12. 2021

Publisher

Varazdin Development and Entrepreneurship Agency and University North

Location

Zagreb

ISBN

1849-7535

Periodical

Book Series: International Scientific Conference on Economic and Social Development

State

Republic of Croatia

Pages from

61

Pages to

68

Pages count

340

URL

https://www.esd-conference.com/upload/book_of_proceedings/Book_of_Proceedings_esdZagreb2021_Online.pdf

BibTex

@inproceedings{BUT175561,
  author="Kateřina {Procházková} and Peter {Mičák}",
  title="GDP and Remuneration Growth: Comparison of the Creative Industries and the Manufacturing Industry",
  booktitle="Economic and Social Development (Book of Proceedings), 76th International Scientific Conference on Economic and Social Development Development - {"}Building Resilient Society{"}",
  year="2021",
  journal="Book Series: International Scientific Conference on Economic and Social Development",
  pages="61--68",
  publisher="Varazdin Development and Entrepreneurship Agency and University North",
  address="Zagreb",
  issn="1849-7535",
  url="https://www.esd-conference.com/upload/book_of_proceedings/Book_of_Proceedings_esdZagreb2021_Online.pdf"
}