Abstract
Emerging economies and their speed of growth, competitiveness, and resilience are of great interest globally due to the high potential investors see in them. Innovation is one of the factors recognized to be the common ground of significantly outperforming economies. Therefore, identifying innovation benchmarks and how they impact economic success is relevant for a more straightforward evaluation of innovation in a country. This research focuses on the quantitative parts of innovation. Firstly, governmental interference, knowledge flows and networks, cultural and societal preconditions, and openness towards change are identified as notably relevant innovation enhancing factors in South Korea through case study analyses. Then, an analysis of the impact of quantitative innovation factors on the GDP in South Korea is conducted. The impact of quantifiable innovation factors, identified through literature review, on the GDP as the benchmark for economic growth is tested from 1995 until 2018 through a linear, multiple least squares regression to identify significant relationships between the chosen variables. Two out of five selected quantitative innovation factors have a statistically significant impact on the economic growth in the used model. The number of researchers per million people and the patent grants of residents is identified to be impactful innovation benchmarks.
Highlights
Accepted: 11 September 2021In the current socio-economic context, countries are facing serious challenges and are forced to find better and new methods to stay competitive and to increase their performance overall
This paper focuses on identifying factors contributing to “innovation,” which is assumed to be a significant indicator of economic growth in emerging markets in endogenous growth theories
Knowledge flows and networks were relevant for developing the national innovation system to exchange knowledge with external sources such as experts from abroad or other companies
Summary
In the current socio-economic context, countries are facing serious challenges and are forced to find better and new methods to stay competitive and to increase their performance overall. Innovation has always been critical for long-term economic success. Throughout history, countries which have innovated successfully have typically been rewarded with growth, and access to new markets. Constant innovation has become a critical factor for achieving competitive advantages. Innovation has been widely acknowledged as a key mechanism for addressing sustainable development concerns. In the last few decades there has been great interest among scientists, practitioners, and even the public, toward conserving the environment along with using resources efficiently (ecological concerns), improving the standard of human living (social challenges), and advancing long-term economic competitiveness (economic matters).
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