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Economic development evaluation based on science and patents

Author

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  • Jokanović, Bojana
  • Lalic, Bojan
  • Milovančević, Miloš
  • Simeunović, Nenad
  • Marković, Dusan

Abstract

Economic development could be achieved through many factors. Science and technology factors could influence economic development drastically. Therefore the main aim in this study was to apply computational intelligence methodology, artificial neural network approach, for economic development estimation based on different science and technology factors. Since economic analyzing could be very challenging task because of high nonlinearity, in this study was applied computational intelligence methodology, artificial neural network approach, to estimate the economic development based on different science and technology factors. As economic development measure, gross domestic product (GDP) was used. As the science and technology factors, patents in different field were used. It was found that the patents in electrical engineering field have the highest influence on the economic development or the GDP.

Suggested Citation

  • Jokanović, Bojana & Lalic, Bojan & Milovančević, Miloš & Simeunović, Nenad & Marković, Dusan, 2017. "Economic development evaluation based on science and patents," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 481(C), pages 141-145.
    • Handle: RePEc:eee:phsmap:v:481:y:2017:i:c:p:141-145
    DOI: 10.1016/j.physa.2017.04.015
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    References listed on IDEAS

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    1. Lu, Wen-Min & Kweh, Qian Long & Nourani, Mohammad & Huang, Feng-Wen, 2016. "Evaluating the efficiency of dual-use technology development programs from the R&D and socio-economic perspectives," Omega, Elsevier, vol. 62(C), pages 82-92.
    2. Peilei Fan, 2011. "Innovation capacity and economic development: China and India," Economic Change and Restructuring, Springer, vol. 44(1), pages 49-73, April.
    3. Audretsch, David B. & Bozeman, Barry & Combs, Kathryn L. & Feldman, Maryann & Link, Albert N. & Siegel, Donald S. & Stephan, Paula, 2002. "The Economics of Science and Technology," The Journal of Technology Transfer, Springer, vol. 27(2), pages 155-203, April.
    4. Hyoungsoo Zang, 1997. "Technology Transfer, Income Distribution and the Process of Economic Development," Open Economies Review, Springer, vol. 8(3), pages 245-270, July.
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