Macroeconomic Benefits of Standardisation
Menon has analysed the macroeconomic benefits of standardisation in Norway, Sweden, Denmark, Finland, Iceland and the Netherlands. Building on previous research and new analyses, we find that standardisation contributes to productivity growth through five mechanisms. By utilising a model of economic growth, it is possible to estimate how much of the growth in labour productivity can be attributed to standardisation. To estimate the relation between standards and exports, we have employed a gravity model of trade. The report was commissioned by six European standardisation bodies: Swedish Institute for Standards (SIS), Danish Standards (DS), Standards Norway (SN), Finnish Standards Association (SFS), Icelandic Standards (IST), and the Netherlands Standardisation Institute (NEN).
Year: 2023
Author(s): Øyvind Vennerød, Linn Skyum, Jonas Erraia, Kristoffer Midttømme