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

Author

Listed:
  • 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.

Suggested Citation

  • Dragomir Laurentiu & Barbu Mihail Catalin & Ciobanu George, 2008. "The Correlation Between Research & Development And The Economic Growth In Romania," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 294-299, May.
  • Handle: RePEc:ora:journl:v:1:y:2008:i:1:p:294-299
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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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    References listed on IDEAS

    as
    1. Gylfason, Thorvaldur, 1999. "Principles of Economic Growth," OUP Catalogue, Oxford University Press, number 9780198776147.
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    Cited by:

    1. Pop Silaghi, Monica Ioana & Alexa, Diana & Jude, Cristina & Litan, Cristian, 2014. "Do business and public sector research and development expenditures contribute to economic growth in Central and Eastern European Countries? A dynamic panel estimation," Economic Modelling, Elsevier, vol. 36(C), pages 108-119.

    More about this item

    Keywords

    knowledge economy; economic growth; research&development;

    JEL classification:

    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • F02 - International Economics - - General - - - International Economic Order and Integration

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