IDEAS home Printed from https://ideas.repec.org/a/ine/journl/v46y2018i55p40-59.html
   My bibliography  Save this article

The New Paradigm of Innovation Economics in the 21st Century: Solving the Enigma of Economic Growth

Author

Listed:
  • Lejla TERZIC

    (Faculty of Economics Brcko, University of East Sarajevo, Brcko District, Bosnia and Herzegovina)

Abstract

Innovation economics has become one of the most valuable fields of explorations in the new millennium. The new changing environment of a knowledge-based economy in the 21st century requires a new obligation for economic policy established on innovation economics. Without an economic theory and economic doctrines that face with the new paradigm and circumstances, it will be very difficult for policy creators to perform the activities required to accelerate economic growth. The aim of this article is to investigate the new paradigm of innovation economics in solving the enigma of economic growth model and indicators in selected advanced and emerging countries. In order to examine the interdependence between the indicators of innovation, well-being, human development and economic growth, several meth-odological evaluation tools have been employed. The determination of interdependence between selected indicators was performed by SPSS 23.0 statistical software package. Also, the article deals with new economic growth model, in accordance with a concise consideration of innovation economics and other economic doctrines afflicting to reveal the basic sources of economic growth, that emphasize the performance of economic, political and social institutions. The conducted research demonstrates that appropriate policies can help in diminishing the problems that remain in emerging countries.

Suggested Citation

  • Lejla TERZIC, 2018. "The New Paradigm of Innovation Economics in the 21st Century: Solving the Enigma of Economic Growth," Romanian Journal of Economics, Institute of National Economy, vol. 46(1(55)), pages 40-59, June.
    • Handle: RePEc:ine:journl:v:46:y:2018:i:55:p:40-59
    as

    Download full text from publisher

    File URL: http://www.revecon.ro/articles/2018-1/2018-1-2.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Reyer Gerlagh & Thomas Sterner, 2013. "Rio+20: Looking Back at 20 Years of Environmental and Resource Economics," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 54(2), pages 155-159, February.
    2. Freeman, Chris, 1995. "The 'National System of Innovation' in Historical Perspective," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 19(1), pages 5-24, February.
    3. Acemoglu, Daron & Johnson, Simon & Robinson, James A., 2005. "Institutions as a Fundamental Cause of Long-Run Growth," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 6, pages 385-472, Elsevier.
    4. George Petrakos & Andres Rodríguez-Pose & Antonis Rovolis, 2003. "Growth, Integration and Regional Inequality in Europe," ERSA conference papers ersa03p46, European Regional Science Association.
    5. Duraiappah, Anantha Kumar & Muñoz, Pablo, 2012. "Inclusive wealth: a tool for the United Nations," Environment and Development Economics, Cambridge University Press, vol. 17(3), pages 362-367, June.
    6. Solow, Robert, 2012. "A few comments on ‘Sustainability and the measurement of wealth’," Environment and Development Economics, Cambridge University Press, vol. 17(3), pages 354-355, June.
    7. World Bank, 2017. "World Development Indicators 2017," World Bank Publications - Books, The World Bank Group, number 26447, December.
    8. Elias Sanidas, 2005. "Organizational Innovations and Economic Growth," Books, Edward Elgar Publishing, number 3411.
    9. Dasgupta, Partha, 2001. "Human Well-Being and the Natural Environment," OUP Catalogue, Oxford University Press, number 9780199247882.
    10. Robert Summers & Alan Heston, 1991. "The Penn World Table (Mark 5): An Expanded Set of International Comparisons, 1950–1988," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 106(2), pages 327-368.
    11. Neri Salvadori (ed.), 2003. "The Theory of Economic Growth," Books, Edward Elgar Publishing, number 2741.
    12. Gerard George & Anita M. McGahan & Jaideep Prabhu, 2012. "Innovation for Inclusive Growth: Towards a Theoretical Framework and a Research Agenda," Journal of Management Studies, Wiley Blackwell, vol. 49(4), pages 661-683, June.
    13. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
    14. Jerry Courvisanos, 2012. "Cycles, Crises and Innovation," Books, Edward Elgar Publishing, number 12929.
    15. Philippe Aghion, 2005. "Growth and Institutions," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 32(1), pages 3-18, March.
    16. Arrow, Kenneth J. & Dasgupta, Partha & Goulder, Lawrence H. & Mumford, Kevin J. & Oleson, Kirsten, 2013. "Sustainability and the measurement of wealth: further reflections," Environment and Development Economics, Cambridge University Press, vol. 18(4), pages 504-516, August.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Capolupo, Rosa, 2009. "The New Growth Theories and Their Empirics after Twenty Years," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 3, pages 1-72.
    2. Sebastian Galiani & Daniel Heymann & Carlos Dabus & Fernando Tohme, 2005. "Land-Rich Economies, Education and Economic Development," Working Papers 85, Universidad de San Andres, Departamento de Economia, revised Dec 2005.
    3. Oleg Badunenko & Daniel Henderson & Romain Houssa, 2014. "Significant drivers of growth in Africa," Journal of Productivity Analysis, Springer, vol. 42(3), pages 339-354, December.
    4. Chen, Binkai & Lin, Justin Yifu, 2021. "Development strategy, resource misallocation and economic performance," Structural Change and Economic Dynamics, Elsevier, vol. 59(C), pages 612-634.
    5. Drivas, Kyriakos & Economidou, Claire & Karamanis, Dimitrios & Sanders, Mark, 2020. "Mobility of highly skilled individuals and local innovation activity," Technological Forecasting and Social Change, Elsevier, vol. 158(C).
    6. Mustafa, Ghulam & Rizov, Marian & Kernohan, David, 2017. "Growth, human development, and trade: The Asian experience," Economic Modelling, Elsevier, vol. 61(C), pages 93-101.
    7. Pei Guo & Xiangping Jia, 2009. "The structure and reform of rural finance in China," China Agricultural Economic Review, Emerald Group Publishing Limited, vol. 1(2), pages 212-226, January.
    8. Rinaldo Evangelista, 2018. "Technology and Economic Development: The Schumpeterian Legacy," Review of Radical Political Economics, Union for Radical Political Economics, vol. 50(1), pages 136-153, March.
    9. Karlsson, Charlie & Rouchy, Philippe, 2015. "Regional Economic Development, Social Capital and Governance: A Comparative Institutional Analysis France - Sweden," Working Paper Series in Economics and Institutions of Innovation 406, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
    10. Dimico, Arcangelo, 2014. "Poverty trap and educational shock: Evidence from missionary fields," QUCEH Working Paper Series 14-07, Queen's University Belfast, Queen's University Centre for Economic History.
    11. Haiwen Zhou, 2009. "Population Growth And Industrialization," Economic Inquiry, Western Economic Association International, vol. 47(2), pages 249-265, April.
    12. Sen, Kunal, 2013. "The Political Dynamics of Economic Growth," World Development, Elsevier, vol. 47(C), pages 71-86.
    13. Mohamed Jellal & Mohamed, Bouzahzah & Simplice A. Asongu, 2015. "Institutional Governance, Education and Growth," Research Africa Network Working Papers 15/059, Research Africa Network (RAN).
    14. Żuk, Piotr & Savelin, Li, 2018. "Real convergence in central, eastern and south-eastern Europe," Occasional Paper Series 212, European Central Bank.
    15. Wafa Ghardallou & Dorsaf Sridi, 2020. "Democracy and Economic Growth: a Literature Review," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 11(3), pages 982-1002, September.
    16. Gars, Johan & Olovsson, Conny, 2019. "Fuel for economic growth?," Journal of Economic Theory, Elsevier, vol. 184(C).
    17. Jan Lorenz & Fabian Paetzel & Frank Schweitzer, 2013. "Redistribution Spurs Growth by Using a Portfolio Effect on Risky Human Capital," PLOS ONE, Public Library of Science, vol. 8(2), pages 1-13, February.
    18. Young Eun Kim & Norman V. Loayza, 2019. "Productivity Growth: Patterns and Determinants across the World," Revista Economía, Fondo Editorial - Pontificia Universidad Católica del Perú, vol. 42(84), pages 36-93.
    19. Tamura, Robert & Dwyer, Jerry & Devereux, John & Baier, Scott, 2019. "Economic growth in the long run," Journal of Development Economics, Elsevier, vol. 137(C), pages 1-35.
    20. repec:gdk:wpaper:67 is not listed on IDEAS
    21. Christopher A. Pissarides & Marie Ange Veganzones-Varoudakis, 2006. "Labor Markets and Economic Growth in the MENA Region," Contributions to Economic Analysis, in: Explaining Growth in the Middle East, pages 137-157, Emerald Group Publishing Limited.

    More about this item

    Keywords

    economic doctrines; innovation economics; new paradigm; enigma of economic growth;
    All these keywords.

    JEL classification:

    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • C88 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Other Computer Software
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ine:journl:v:46:y:2018:i:55:p:40-59. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Valentina Vasile (email available below). General contact details of provider: https://edirc.repec.org/data/inacaro.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.