ijaers social
facebook
twitter
Blogger
google plus

International Journal of Advanced
Engineering, Management and Science

ijaems google ijaems academia ijaems pbn nauka gov JournalToc aalborg university Library J-Gate academickeys ijaems rootindexing ijaems reddit ijaems research bib ijaems slideshare ijaers digg ijaems tumblr ijaems plurk ijaems I2OR ijaems ASI ijaems bibsonomy

Labour-Entrepreneurship Substitution Mechanism: Determining Growth, Employment and Wage in Nigeria
( Vol-3,Issue-6,June 2017 )

Author(s):

Chimaobi Valentine Okolo, Nicholas Attamah

Keywords:

Employment, entrepreneurship, growth, labour, substitution, wage.

Abstract:

Finding a recipe that unlocks rapid growth and job creation should be the priority of emerging economies. Several theories of growth, employment and wage determination were efficient for certain economies at different periods, but not for other emerging economies like Nigeria. This study presents the Labour-Entrepreneurship Substitution mechanism as an idealistic model of growth, employment and wage determination. It is uniquely designed to accumulate capital, substitute labour for entrepreneurship as prospective supply of labour grows beyond its initial level, boost employment and output via new investments. Error correction mechanism of Autoregressive least square technique was used to measure the influence of labour-entrepreneurship substitution rate on the ‘new investment’, and the t-statistics, adopting Benferron’s multiple comparison adjusted probabilities was further used to measure the significance of the ‘new investment’ in determining gross domestic product in Nigeria. The labour-entrepreneurship substitution rate showed significant and positive impact on the new investment as the new investment also showed significant and positive impact on economic growth in Nigeria. Emerging and developed countries should develop the labour-entrepreneurship substitution as this will increase investment and output while creating full employment in the country.

ijaers doi crossrefDOI:

10.24001/ijaems.3.6.2

Cite This Article:
Show All (MLA | APA | Chicago | Harvard | IEEE | Bibtex)
Paper Statistics:
  • Total View : 103
  • Downloads : 15
  • Page No: 637-643
Share:
References:

[1] BGL Research and Intelligence (2011), Economic Note: The Nigeria’s Paradox of Growth amidst High Poverty Incidence. Retrieved from: www.bglgroupng.com on 5th September, 2016.
[2] Federal Ministry of Employment, Labour and Productivity (2003), National Employment Policy. Retrieved from: www.google.com/national_-employment_policy.pdf on 5th September, 2016.
[3] World Bank (2013), “Nigeria Economic Report”, The World Bank, No. 1, May, 2013, 77684.