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The Economic Impact of Standards in Belgium

The Economic Impact of Standards in Belgium

Caroline Buts, Ellen Van Droogenbroeck, Michaël R. J. Dooms, Kim Willems
Copyright: © 2020 |Volume: 18 |Issue: 1 |Pages: 21
ISSN: 2470-8542|EISSN: 2470-8550|EISBN13: 9781799808558|DOI: 10.4018/IJSR.20200101.oa3
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MLA

Buts, Caroline, et al. "The Economic Impact of Standards in Belgium." IJSR vol.18, no.1 2020: pp.44-64. http://doi.org/10.4018/IJSR.20200101.oa3

APA

Buts, C., Van Droogenbroeck, E., Dooms, M. R., & Willems, K. (2020). The Economic Impact of Standards in Belgium. International Journal of Standardization Research (IJSR), 18(1), 44-64. http://doi.org/10.4018/IJSR.20200101.oa3

Chicago

Buts, Caroline, et al. "The Economic Impact of Standards in Belgium," International Journal of Standardization Research (IJSR) 18, no.1: 44-64. http://doi.org/10.4018/IJSR.20200101.oa3

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Abstract

While several past studies have measured the impact of standards on indicators such as output and productivity for a variety of countries, a quantitative analysis that focuses on Belgium has not been performed yet. Based on a dataset containing sector level data spanning 25 years (1994-2018), the authors find that, next to capital investment and the number of patents, standards make a statistically significant, positive and substantial contribution to Belgian GDP as well as to labor productivity. More specifically, one additional standard will on average increase GDP by €2.04 million per year and will increase labor productivity per person employed by €11.5. In addition, standards contribute to about 0.2% of GDP, 19% of GDP growth, and 19% of labor productivity growth.