The Correlation Between Research & Development And The Economic Growth In Romania
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.
Volume (Year): 1 (2008)
Issue (Month): 1 (May)
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- Gylfason, Thorvaldur, 1999. "Principles of Economic Growth," OUP Catalogue, Oxford University Press, number 9780198776147.