THE CORRELATION BETWEEN RESEARCH & DEVELOPMENT AND THE ECONOMIC GROWTH IN ROMANIA

Dragomir Laurentiu (), Barbu Mihail Catalin () and George Ciobanu
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Dragomir Laurentiu: Universitatea din Craiova, Facultatea de Economie si Administrarea afacerilor
Barbu Mihail Catalin: Universitatea din Craiova, Facultatea de Economie si Administrarea afacerilor

Annals of Faculty of Economics, 2008, vol. 1, issue 1, 294-299

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.

Keywords: knowledge economy; economic growth; research&development (search for similar items in EconPapers)
JEL-codes: D80 F02 O10 (search for similar items in EconPapers)
Date: 2008
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:ora:journl:v:1:y:2008:i:1:p:294-299

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