ASSESSING THE IMPACT OF SCIENCE, TECHNOLOGY AND INNOVATION ON ECONOMIC DEVELOPMENT: EMPIRICAL MODELS AND RESULTS
Abstract
This paper highlights the main economic models used to assess the impact of science, technology and innovation on economic development, as well as the main empirical results of the econometric models. They proved that among important factors in promoting economic growth are the capacity for inventions and the competition. The relationship between science, technology and innovation and some economic indicators, in particular – the volume of foreign direct investment and the level of the cash deficit are analysed on the base of cross-sectional data. The findings contradict stereotypes about the need to reduce spending on research and development in crises as well as shed light on the impact of FDI on R&D development of the country
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