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The Correlation Between Research & Development And The Economic Growth In Romania

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Author Info

  • Dragomir Laurentiu

    ()
    (Universitatea din Craiova, Facultatea de Economie si Administrarea afacerilor)

  • Barbu Mihail Catalin

    ()
    (Universitatea din Craiova, Facultatea de Economie si Administrarea afacerilor)

  • Ciobanu George

    ()
    (Universitatea din Craiova, Facultatea de Economie si Administrarea afacerilor)

Abstract

The increasing productivity of production factors, due to progresses in science and technology is today the engine of economic growth. The economic theory managed to endogenize the technical progress, first as a result of the unintended activities of firms, then as the result of profit driven behaviour of economic agents. In globalization the stock of knowledge becomes available also to developing countries and the production technologies and their employment are more democratic regarding the availability. For the developing countries it still remains the problem of financial resources and availability. Developing new technologies has a prohibitive costs, at least until the moment in which large scale production allows for the reduction of costs. Long term economic growth will depend on the creation of global technology stock, including the leverage effect of sustained R&D. In this paper we will approach the progress of Romania in the area of knowledge base economy, especially regarding the policies in the R&D sector.

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File URL: http://steconomice.uoradea.ro/anale/volume/2008/v1-international-business-and-european-integration/054.pdf
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Bibliographic Info

Article provided by University of Oradea, Faculty of Economics in its journal The Journal of the Faculty of Economics - Economic.

Volume (Year): 1 (2008)
Issue (Month): 1 (May)
Pages: 294-299

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Handle: RePEc:ora:journl:v:1:y:2008:i:1:p:294-299

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Related research

Keywords: knowledge economy; economic growth; research&development;

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  1. Gylfason, Thorvaldur, 1999. "Principles of Economic Growth," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780198776147, October.
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Cited by:
  1. Pop-Silaghi, Monica & Jude, Cristina & Alexa, Diana & Litan, Cristian, 2012. "Do business and public sector research and development expenditures contribute to economic growth in central and eastern European countries? A dynamic panel estimation," Economics Discussion Papers, School of Economics, Kingston University London 2012-4, School of Economics, Kingston University London.

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