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

Lejla Terzic ()
Additional contact information
Lejla Terzic: Faculty of Economics Brcko, University of East Sarajevo, Brcko District, Bosnia and Herzegovina

Romanian Journal of Economics, 2018, vol. 46, issue 1(55), 40-59

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.

Keywords: economic doctrines; innovation economics; new paradigm; enigma of economic growth (search for similar items in EconPapers)
JEL-codes: B10 B20 C88 O30 (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.revecon.ro/articles/2018-1/2018-1-2.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ine:journl:v:46:y:2018:i:55:p:40-59

Access Statistics for this article

Romanian Journal of Economics is currently edited by Institute of National Economy

More articles in Romanian Journal of Economics from Institute of National Economy Contact information at EDIRC.
Bibliographic data for series maintained by Valentina Vasile ().