Abstract
This paper explores the relation between R&D and economic growth using data from the EU-28 countries for the period 2001-2014. We consider panel data econometric techniques and control variables commonly used in the literature are analyzed together with a number of other variables to which existing studies often give little attention. Our results suggest that R&D expenditure and the patents (European Patent Office – EPO) have a positive and significant effect on economic growth for all countries.
Highlights
Investing in research and innovation is very important for economic progress and prosperity, especially for modern developed societies, where technology plays a key role in people's everyday lives
The purpose of this paper is to investigate whether private R & D expenditure, public R & D expenditure, R & D expenditure on R & D, the number of patents filed with the European Patent Office and the crisis affect the per Advances in Economics and Business 6(5): 322-331, 2018 capita Gross Domestic Product (GDP) of each of the EU countries
It has been observed that an increase of 1% in R & D spending in developed countries such as England, France and the Netherlands leads to a rise of 1% in economic growth
Summary
Investing in research and innovation is very important for economic progress and prosperity, especially for modern developed societies, where technology plays a key role in people's everyday lives. It has been documented by numerous studies that technological progress and innovation have a major impact on productivity and growth. Over the last few decades, the global economy has gradually become a knowledge-intensive economy. Larger economies invest a significant and growing proportion of their annual Gross Domestic Product (GDP) in Research and Development (R&D), innovation and education. In today's globalized economy, Research & Development is a key component behind technological and economic growth
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