Assessment of the impact of metrology on the economy in Poland by means of the Solow model

The impact of metrology on the economy is typically determined on the basis of econometric models that are the modifications of the Cobb-Douglas function and which take into account total factor productivity (TFP). Such models make it possible to examine the cointegration of metrological variables and basic macroeconomic variables. However, this approach could not be used to determine the impact of metrology on the economy in Poland due to too few observations, and thus short time series of the macroeconomic data. The aim of the study presented in this article is to assess the impact of metrology on the economy in Poland by means of the Solow growth model. This model allows a simulation-based approach to analyse the effects of metrology by perturbing TFP. To the authors’ best knowledge, this type of approach has not yet been used to examine the impact of metrology on the economy. The study demonstrates that a 1-percent increase in the net stock of standards correlates with a 0.35-percent rise in labour productivity, measured as production per employee. These findings align with similar analyses conducted in other countries, contributing to the understanding of metrology’s economic significance.