During the past few decades, globalization has dramatically changed the context of competitiveness around the world. Considering the role of competitiveness in the development of the digital economy, this paper aims to highlight the role of innovation, foreign direct investment (FDI), and human capital in supporting competitive European economies. The research hypothesis is that FDI, innovation, and human capital contribute to competitiveness growth. The paper extends the Cobb-Douglas function by including other competitiveness factors in a panel data framework based on the EU-28 countries in the period 2004-2018. The results indicate that GDP per capita variation is explained by human and physical capital, FDI, and R&D expenditure. Human capital plays a crucial role in economic development due to the innovation skills of individuals, which improve the productivity of these factors. Capital formation also makes a positive contribution to economic growth. The empirical evidence suggests that the changes in the GDP per capita are explained by modifications in the labor force and capital formation, as is described in the traditional framework of the Cobb-Douglas function. R&D expenditure and FDI stock, however, also play a significant role. Moreover, human capital could determine the adoption of external technology by absorbing new equipment and ideas. On the other hand, the education index and capital formation showed a positive impact on GCI.

中文翻译：

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欧盟 28 国竞争力的主要驱动力

在过去的几十年中，全球化极大地改变了全球竞争力的背景。考虑到竞争力在数字经济发展中的作用，本文旨在强调创新、外国直接投资 (FDI) 和人力资本在支持具有竞争力的欧洲经济体中的作用。研究假设是外国直接投资、创新和人力资本有助于竞争力增长。该论文通过在基于 2004-2018 年期间欧盟 28 个国家的面板数据框架中包含其他竞争力因素来扩展 Cobb-Douglas 函数。结果表明，人均国内生产总值的变化可以用人力和物质资本、外国直接投资和研发支出来解释。由于个人的创新技能，人力资本在经济发展中起着至关重要的作用，从而提高这些因素的生产力。资本形成也对经济增长做出了积极贡献。经验证据表明，人均 GDP 的变化可以通过劳动力和资本形成的变化来解释，正如传统的 Cobb-Douglas 函数框架所描述的那样。然而，研发支出和外国直接投资存量也起着重要作用。此外，人力资本可以通过吸收新设备和新想法来决定采用外部技术。另一方面，教育指数和资本形成对GCI表现出积极影响。经验证据表明，人均 GDP 的变化可以通过劳动力和资本形成的变化来解释，正如传统的 Cobb-Douglas 函数框架所描述的那样。然而，研发支出和外国直接投资存量也起着重要作用。此外，人力资本可以通过吸收新设备和新想法来决定采用外部技术。另一方面，教育指数和资本形成对GCI表现出积极影响。经验证据表明，人均 GDP 的变化可以通过劳动力和资本形成的变化来解释，正如传统的 Cobb-Douglas 函数框架所描述的那样。然而，研发支出和外国直接投资存量也起着重要作用。此外，人力资本可以通过吸收新设备和新想法来决定采用外部技术。另一方面，教育指数和资本形成对GCI表现出积极影响。