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The Economic Impact of Standards in Belgium

The Economic Impact of Standards in Belgium
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Author(s): Caroline Buts (Vrije Universiteit Brussel, Belgium), Ellen Van Droogenbroeck (Vrije Universiteit Brussel, Belgium), Michaël R. J. Dooms (Vrije Universiteit Brussel, Belgium) and Kim Willems (Vrije Universiteit Brussel, Belgium)
Copyright: 2020
Volume: 18
Issue: 1
Pages: 21
Source title: International Journal of Standardization Research (IJSR)
Editor(s)-in-Chief: Robert Elliot Davis (Walden University, USA)
DOI: 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.

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