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Innovation and Transition Performance as Drivers of Economic Growth and Prosperity: The Case of the EU

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  • Lejla Terzić

Abstract

The present paper highlights the crucial elements of innovation, transition performance toward economic growth, and prosperity by exploring the connections between critical variables across European Union Member States. The analysed countries' performances in terms of innovation and transition are closely related to their degrees of economic growth and prosperity. The goal of this paper is to provide insight into the significance of innovation and transition performance in increasing economic growth and prosperity within EU economies. Diverse analytical assessment tools have been used to investigate the relationships between the significant indicators of innovation, transition, economic growth, and prosperity. Auxiliary sources were used to gather the empirical data required to carry out this investigation. The findings point to the critical factors that influence innovation and transition performance for growth and prosperity in certain countries. Synthesized metrics of innovation and transition performance are connected to the key variables assessed for boosting prosperity and growth. The basis for the eventual endorsement of significant innovation and transition outcomes for the advancement of crucial sectors within national economies is an acknowledgment of the diversity between fundamental factors and a consciousness of responsiveness.

Suggested Citation

  • Lejla Terzić, 2023. "Innovation and Transition Performance as Drivers of Economic Growth and Prosperity: The Case of the EU," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 6, pages 621-641.
    • Handle: RePEc:bas:econth:y:2023:i:6:p:621-641
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    References listed on IDEAS

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    More about this item

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • C80 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - General
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O49 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Other
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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