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Innovation and economic growth

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Abstract
The literature on economic growth has identified knowledge expansion as a key propellant. Early research derived this conclusion from the residual that remained after the growth contributions from capital and labour had been accounted for. Later modifications expanded the concept of fixed capital to include intangible capital. The underlying drivers of innovation have, meanwhile, been explored by the endogenous growth literature. Together, these efforts have reconfirmed the role of knowledge and innovation in growth. But they also point to the importance of competition and firm entry and exit as key motivators for firms to innovate. Policies aiming to boost growth must therefore look beyond the amounts invested in R&D and also provide for wellfunctioning labour, product and financial markets.

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  • Uppenberg, Kristian, 2009. "Innovation and economic growth," EIB Papers 1/2009, European Investment Bank, Economics Department.
    • Handle: RePEc:ris:eibpap:2009_001
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    References listed on IDEAS

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    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Cristina Mihaela Lazar & Ramona Nicoleta Bunda, 2012. "Knowledge-based Economy, an Appropriate Response to Organizational Change Pressures, with a View to Sustainable Development," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 14(32), pages 380-392, June.
    2. Mohammad S. Khorsheed, 2017. "Learning from Global Pacesetters to Build the Country Innovation Ecosystem," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 8(1), pages 177-196, March.
    3. Halmai, Péter, 2015. "Az európai növekedési potenciál eróziója és válsága [Erosion and crisis in European growth potential]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(4), pages 379-414.
    4. Raquel Ortega-Argilés, 2012. "The Transatlantic Productivity Gap: A Survey Of The Main Causes," Journal of Economic Surveys, Wiley Blackwell, vol. 26(3), pages 395-419, July.
    5. Nuttaneeya (Ann) Torugsa & Anthony Arundel & Paul L. Robertson, 2018. "Applying Configurational Thinking To Identify Recipes For Producing Service Innovations In The Service Sector," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 22(06), pages 1-23, August.
    6. Reem S. Al-Mansoori & Muammer Koç, 2019. "Toward Knowledge-Based Economy: Innovation and Transformational Leadership in Public Universities in Texas and Qatar," Sustainability, MDPI, vol. 11(23), pages 1-30, November.
    7. Jaanus Müür, 2022. "Intermediating Smart Specialisation and Entrepreneurial Discovery: The Cases of Estonia and Helsinki-Uusimaa," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 13(1), pages 541-573, March.
    8. Lilla Sarolta Balogh, 2017. "Could China Be the Winner of the Next Industrial Revolution?," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 16(Sepcial I), pages 73-100.
    9. Dominiak Joanna, 2018. "Modern Services: Terminological Considerations and the Characteristic Features of Their Role in Socio-Economic Development," Quaestiones Geographicae, Sciendo, vol. 37(2), pages 17-25, June.
    10. Mitja Ruzzier & Tanja Kosi AntoliÄ & Doris Gomezelj Omerzel, 2016. "R%D and education resources in innovation processes: evidence from Slovenia and the Visegrad Group," International Journal of Sustainable Economy, Inderscience Enterprises Ltd, vol. 8(2), pages 144-162.
    11. Rodica Crudu, 2019. "The Role of Innovative Entrepreneurship in the Economic Development of EU Member Countries," Journal of Entrepreneurship, Management and Innovation, Fundacja Upowszechniająca Wiedzę i Naukę "Cognitione", vol. 15(1), pages 35-60.
    12. El¿bieta Roszko-Wójtowicz & Jacek Bia³ek, 2016. "The goal of this research is to propose a procedure of innovativeness measurement, taking Summary Innovation Index methodology as a starting point. In contemporary world, innovative activity is percei," Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics, University of Rijeka, Faculty of Economics and Business, vol. 34(2), pages 443-479.

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    More about this item

    Keywords

    Research and development; innovation; neoclassical growth model; endogenous growth;
    All these keywords.

    JEL classification:

    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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