Research and Critical Review Exercise — Sarah Essay Example

Australian Economic Development

Introduction

The paper by an author known as Benjamin K. Agbenyegah reflects keenly about the state of the state of the economy of the country. It has an empirical investigation and also identifies all the different and very crucial factors that contribute to the growing output and productivity of different countries but puts a lot of emphasis on Australia. The paper covers the economy of the country in the period between 1950 and 2005. Real facts and figures are used and proper analysis done and hence the information te paper represents is true and can be used for any further research (Bloch 2003).

From the research, Co-integration is a model that is well used as well as a vector error correction in the article. The two models are used alongside Granger causality tests, forecast error variance decomposition analysis and an impulse response functions. These are aimed at achieving the desired objectives of a proper and reliable analysis.

Discussion

The article summarizes the main points as being the accumulation and the organization of the human capital, investments in ICT (Information and Communications Technology) and their cohesion and their use together will lead to growth in the economy. The two are identified as the significant factors to the integration analysis of the raw production and growth of the economy of the country. The article proposes that the two should be included to the relationship that is of long-run production. It should also be noted that the two factors should be used closely with fixed factors of production: capital and the labour to be employed (Males 1990)

In the article, the model of vector-error correction is used to properly estimate and further provide the crucial and necessary evidence of using human capital, labour, land and ICT as the most crucial drivers of the economy and especially that of output growth in the country. The article further proposes the good use of all the factors and at the correct proportion to bring with the use the desired development.

The article summaries the factors of production and the research conducted has been conducted in a fine way since the tables show proper analysis. A summary of the factors of production has been to show how they affect growth of the economy of the country. From the results conducted and the article, Granger causality tests are used to indicate that the two factors, human capital and ICT, as well as the fixed factors of production: capital and labour, got a crucial role of explaining and properly outlining and explaining the evolution and the growth of the aggregate GDP of the country. Consequently, the analysis and the conclusion made from the article shows much of the impulse response functions clearly indicates the shocks that are caused to the human capital as well as the ICT with the ever persistent effect on the output development in Australia (Lee & Heshmati 2009).

It is therefore salient to note in a nut shell that this research will actually delve in establishing the impact of customer facing IT outsourcing on the performance firms that employ them. It is also salient to note that the research will employ the use of qualitative study design since this method ensures holistic analysis of the research (Agbenyegah & Bloch 2008).

Conclusion

In conclusion, it can therefore be noted that the research from the article has also employed the use of qualitative data collection methods. This has involved the use of actual observation by the researcher and the use of in depth interview. The research also employs the use of qualitative data analysis. This includes the use of matrix data analysis, ground theory and topology. Therefore this makes the research useful for proper usage to those in government and the policy makers to achieve Australian economic growth (Mahadevan 2004).

References

Agbenyegah, B. K., & Bloch, H. (2008). Growth and productivity in Australia. Perth: Centre for Research in Applied Economics.

Lee, J.-D., & Heshmati, A. (2009). Productivity, efficiency, and economic growth in the Asia-Pacific region. Heidelberg: Physica.

Bloch, H. (2003). Growth and development in the global economy. Cheltenham, UK: Edward Elgar.

Males, W. P., & Australian Bureau of Agricultural and Resource Economics. (1990). Productivity growth and developments in Australia’s primary industries. Canberra: Published for the Australian Bureau of Agricultural and Resource Economics by Australian Govt. Pub. Service.

Mahadevan, R. (2004). The economics of productivity in Asia and Australia. Cheltenham, UK: Edward Elgar.