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Evaluation of the Impact of R&D on the Socio-Economic Development of EU Countries

Author

Listed:
  • Romualdas Ginevicius

    (Mykolas Romeris University, Vilnius, Lithuania)

  • Eigirdas Zemaitis

    (ISM University of Management and Economics, Vilnius, Lithuania)

  • Vladislavas Petraskevicus

    (Vilnius Gediminas Technical University, Lithuania)

Abstract

Investment in R&D varies widely in EU countries, both in terms of its overall volume and the sources of investment, business, the state, and higher education institutions. To a large extent, the volume of investment depends on the state of economic development of the country. Economically developed EU countries are dominated exclusively by business investments, while investments in higher education play a limited role. This is because higher education institutions perform a large part of R&D together with businesses. In developing countries, investment in R&D is equally distributed between business, the state, and higher education institutions. This is because scientific business research opportunities are still limited in these countries. To adequately determine the impact of R&D investments on the economic development of countries, the overall size of R&D investment needs to be transformed in such a way as to assess its internal structure in which business and higher education institutions have the highest importance. Investments in R&D have a lower direct impact on a country’s social development compared to the impact on economic development. This is because R&D affects economic development directly through technological innovations and social development indirectly through economic development.

Suggested Citation

  • Romualdas Ginevicius & Eigirdas Zemaitis & Vladislavas Petraskevicus, 2022. "Evaluation of the Impact of R&D on the Socio-Economic Development of EU Countries," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 24(Special16), pages 1001-1001, November.
    • Handle: RePEc:aes:amfeco:v:24:y:2022:i:special16:p:1001
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    References listed on IDEAS

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    More about this item

    Keywords

    investment in R&D; countries’ economic and social development; multi-criteria approaches.;
    All these keywords.

    JEL classification:

    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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