Analysis of the Impact of Intangible Resources at Macroeconomic Level. The Case of Romania

Abstract

The results of literature analysis confirm the strategic value of intangible resources in creating wealth and conferring competitive advantages to nations. However, there are few academic papers related to intangible resources at country level. At national level, economic growth is increasingly based on knowledge and other intangible resources than on physical ones. To test this hypothesis in Romania, this article analyses how intangible resources influence economic growth, and correlation indices between different types of intangible resources and gross domestic product value are calculated. The analysis shows that there are very strong positive correlations between GDP and most of the intangible resource variables. Despite the importance of intangible resources at national level and the fact that they are an important factor in determining economic growth in the current knowledge-based economy, Romania's position in the international context regarding intangible assets is very weak, with many weak points in research and innovation performance compared to other EU Member States. Therefore, there is a need in our country to re-evaluate the areas where all efforts need to be focused to stimulate innovation performance, to properly manage national intangible resources, a crucial process for improving the quality of life