The Impact of R&D Spending and Technology on Economic Development

Erhan İşcan () and Gizem Öğrü ()
Additional contact information
Erhan İşcan: Çukurova University
Gizem Öğrü: Çukurova University

Chapter Chapter 19 in Engines of Economic Prosperity, 2021, pp 359-374 from Springer

Abstract: Abstract In the 2000s, the increasing importance of the relationship between Research and Development (R&D) expenditures and technology has highlighted the discussions about the impact of technological progress and innovation on economic growth and development. Many theoretical and empirical studies in the economics literature stated that technological progress promotes economic growth and development. Especially, after the 1990s, the difference in productivity and the growth rates of per capita national income between OECD and non-OECD countries has increased and these differences proved the impact of the technological progress on economic growth and development. There is very comprehensive literature on the impact of technological progress on economic growth, both theoretical and empirical studies have shown the impact of technological progress and innovation on economic growth very well. However, there are only limited theoretical and empirical studies about the impact on economic development. In this context, it is important to determine whether technological progress and innovation promote economic development. The main purpose of this study is to determine the effect of R&D expenditures, technological progress, and especially technological diffusion on economic development using selected OECD countries’ data. According to the findings of the study, it is clear that policymakers can contribute to the economic performance and prosperity of their country by increasing R&D expenditures, number of patents and trade of technology and promoting technological progress in this new century.

Keywords: Economic development; Human prosperity; Technological progress; Research and development; Innovation (search for similar items in EconPapers)
Date: 2021
References: Add references at CitEc
Citations: View citations in EconPapers (1)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

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:spr:sprchp:978-3-030-76088-5_19

Ordering information: This item can be ordered from
http://www.springer.com/9783030760885

DOI: 10.1007/978-3-030-76088-5_19

Access Statistics for this chapter

More chapters in Springer Books from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().