Expository on the Mythology or Realism of the Assertion - Micro, Small and Medium Enterprises (MSMEs) as the Engine of Economic Growth

Expository on the Mythology or Realism of the Assertion - Micro, Small and Medium Enterprises (MSMEs) as the Engine of Economic Growth

Registration ID: IJNRD_224866

Published ID: IJNRD2408041

DOI: Click Here to Get

James R. Adeleye Adefiranye , Yekeen Oku Abdul-Maliq

Assertion, Contra-intuitive, Drops-of-water postulate, Robust economy, Veracity, Pareto-ratio

This paper investigates the veracity of the assertion ‘micro, small and medium scale enterprises’ is the engine room of economic growth. The study employed a review of about fifty empirical works on MSMSEs in ten developing countries between 2009 and 2023. In addition, Pareto ratio test was conducted to determine whether or not MSMSEs constitute 20% or less by number of business entities in the countries as well as if they contribute 80% or more to GDP. Results show that: MSMSEs constitute, on the average, about 95% by number or proportion of enterprises in the countries; contribute about 63% to overall employment in the countries in the study; and also they contribute 43% on the average to the GDPs of all the countries in the study. The study however indicates that, important as MSMSEs are, they cannot serve as ‘engine room’ of economic development as they constitute so much more than 20% by proportion but contribute far less than 80% to the countries’ GDPs. The paper submits that the assertion is conceptually contra-intuitive, theoretically inconsistent with Pareto principle and hence empirically unfounded. In conclusion, while governments in developing economies need not neglect MSMEs in their development efforts, they will need to prioritize the growth of large and gigantic corporations capable of larger outputs. MSMSEs can more easily leverage on or latch onto such giant corporations, as in the developed countries, following the ‘drops-of-water’ postulate, to engender faster rate of economic growth than the other way round.

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"Expository on the Mythology or Realism of the Assertion - Micro, Small and Medium Enterprises (MSMEs) as the Engine of Economic Growth", IJNRD - INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT (www.IJNRD.org), ISSN:2456-4184, Vol.9, Issue 8, page no.a442-a452, August-2024, Available :https://ijnrd.org/papers/IJNRD2408041.pdf

Volume 9 Issue 8, August-2024

Pages : a442-a452

Paper Reg. ID: IJNRD_224866

Published Paper Id: IJNRD2408041

Downloads: 000121160

Research Area: Management

Country: Abuja, Federal Capital Territory, Nigeria

Published Paper PDF: https://ijnrd.org/papers/IJNRD2408041.pdf

Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2408041

Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)

ISSN: 2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar | ESTD YEAR: 2016

An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator

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This work is licensed under a Creative Commons Attribution 4.0 International License and The Open Definition

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