Changes in the social and technological innovation potential of the Visegrad (V4) regions (2001–2019)

Abstract

For more than a century, technical progress and innovation have been at the forefront of economics. This is one of the reasons why the importance of innovation has been recognised by economic policy makers and the concept has become part of the public narrative. However, this does not mean that research has come to an end, which would in any case contradict Schumpeter's theory of the need for change and renewal. Despite the wealth of knowledge we have, we can state that there are a number of recurring (e.g. social and ethical aspects of innovation, etc.) and new (e.g. spill-over effects of innovation, the effectiveness of public intervention in supporting the development of innovation networks, etc.) questions that can be asked about innovation. In the aftermath of the financial crisis of 2008, the cyclical COVID crisis starting in 2019 and, not least, the Russian-Ukrainian war, the peripheral regions of the post-socialist countries of Europe are falling further behind. Research, development and innovation investment, already extremely low, has further declined and the economic outlook has worsened. Social innovation may therefore be of particular importance in these regions. Our study has two main parts. First, we briefly review the place and role of innovation in economic thinking and assess the definitions of social innovation; in the second part we analyse the differences in the NUTS2 regions of the Visegrad countries in terms of the ranking of technological and social innovation potential.