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

Author

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  • 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
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    References listed on IDEAS

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    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

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