The Relationship Between Economic Growth and Innovation: Panel Data Analysis on Chosen OECD Countries

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Author(s): Samet Akça (KTO Karatay University, Turkey)and Bilge Afşar (KTO Karatay University, Turkey)
Copyright: 2023
Pages: 25
Source title: Research Anthology on Macroeconomics and the Achievement of Global Stability
Source Author(s)/Editor(s): Information Resources Management Association (USA)
DOI: 10.4018/978-1-6684-7460-0.ch092

Keywords: Business & Management / Business Science Reference / Economics & Economic Theory / Economics and Economic Theory

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Abstract

This chapter studies innovation and economic growth and emphasizes their relationship. In this context; innovation and economic growth outputs of 16 OECD countries between 2005 and 2015 are analyzed. GDP is considered as economic growth variable, R&D investments in GDP (%), and patent applications are considered as innovation variables. In light of these variables, panel data analyze is used. Unit root, Pedroni co-integration and FMOLS tests were applied with the order. As a result, the increase in patent applications and R&D investments was found to have a positive effect on economic growth.

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The Relationship Between Economic Growth and Innovation: Panel Data Analysis on Chosen OECD Countries

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