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Innovation and Economic Growth: What is the actual importance of R&D?

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Author Info
Argentino Pessoa () (Faculdade de Economia, Universidade do Porto)

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Abstract

This paper deals with the relationship between innovation and economic growth in the context of developed world. After examining the correlation between economic growth and R&D (research and development) intensity, and given that the impact of R&D on economic growth is mediated by the rate of growth of technology, we proceed trying to assess the linkage between R&D outlays and economic growth, through the use of the condition of free entry into R&D. Confronted with data, our argumentation shows that the optimism of the endogenous technological change models is not confirmed for countries situated below the technological frontier. Next, based on other economic and technological indicators, a succinct comparison between the Irish and Swedish cases is made. This comparison reveals the importance of investments not classified as R&D, particularly the ones that enhance the external competitiveness of the economy. We conclude that innovation policy must always consider the complexity of the economic growth process and the other ways, besides the ones based on formal R&D indicators, in which technology has an impact on growth.

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Publisher Info
Paper provided by Universidade do Porto, Faculdade de Economia do Porto in its series FEP Working Papers with number 254.

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Length: 17 pages
Date of creation: Nov 2007
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Handle: RePEc:por:fepwps:254

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Related research
Keywords: R&D economic growth technological change innovation policy.

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Find related papers by JEL classification:
O30 - Economic Development, Technological Change, and Growth - - Technological Change - - - General
O32 - Economic Development, Technological Change, and Growth - - Technological Change - - - Management of Technological Innovation and R&D
O33 - Economic Development, Technological Change, and Growth - - Technological Change - - - Technological Change: Choices and Consequences; Diffusion Processes
O38 - Economic Development, Technological Change, and Growth - - Technological Change - - - Government Policy

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Griliches, Zvi, 1990. "Patent Statistics as Economic Indicators: A Survey," Journal of Economic Literature, American Economic Association, vol. 28(4), pages 1661-1707, December. [Downloadable!] (restricted)
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  2. repec:fth:harver:1473 is not listed on IDEAS
  3. Charles I. Jones & John C. Williams, 1998. "Measuring The Social Return To R&D," The Quarterly Journal of Economics, MIT Press, vol. 113(4), pages 1119-1135, November. [Downloadable!] (restricted)
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  4. Kander, Astrid & Ejermo, Olof, 2006. "The Swedish Paradox," CIRCLE Electronic Working Paper Series 2006-01, CIRCLE (Centre for Innovation, Research and Competence in the Learning Economy), Lund University. [Downloadable!]
  5. Dosi, Giovanni, 1988. "Sources, Procedures, and Microeconomic Effects of Innovation," Journal of Economic Literature, American Economic Association, vol. 26(3), pages 1120-71, September. [Downloadable!] (restricted)
  6. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S71-102, October. [Downloadable!] (restricted)
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  7. Basu, Susanto, 1996. "Procyclical Productivity: Increasing Returns or Cyclical Utilization?," The Quarterly Journal of Economics, MIT Press, vol. 111(3), pages 719-51, August. [Downloadable!] (restricted)
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  1. Albu, Lucian & Georgescu, George & Ghizdeanu, Ion, 2008. "ROMANIA’S DEVELOPMENT LEVEL COMPARING WITH EU COUNTRIES: The RGS (Relative Gap Scoring) Ranking Index," MPRA Paper 10170, University Library of Munich, Germany. [Downloadable!]
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