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Connecting Innovation And Economic Prosperity: The Impact Of R&D Expenditures On Economic Growth

Author

Listed:
  • VLĂSCEANU, Adela Simona

    (Doctoral School of Economic Sciences, School of Advanced Studies of the Romanian Academy, Bucharest, Romania.)

  • PUIU, Lavinia Florența

    (Doctoral School of Economic Sciences, School of Advanced Studies of the Romanian Academy, Bucharest, Romania.)

Abstract

The role of research and development (R&D) as a main foundation of innovation, productivity improvement, and a key element for national competitive advantage in the global economy is well established. This study aims to examine the relationship between R&D investment and economic growth through empirical analysis using panel regression techniques. Our results reveal that human capital specialised in science and technology significantly contributes to economic growth. Overall, innovation and a well-educated workforce are helpful in achieving sustainable development. Our model provides a statistically valid framework for analysing economic growth, enabling the formulation of sound policy recommendations while accounting for potential biases commonly found in panel data analysis.

Suggested Citation

  • VLĂSCEANU, Adela Simona & PUIU, Lavinia Florența, 2025. "Connecting Innovation And Economic Prosperity: The Impact Of R&D Expenditures On Economic Growth," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 29(1), pages 41-51, March.
    • Handle: RePEc:vls:finstu:v:29:y:2025:i:1:p:41-51
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    More about this item

    Keywords

    government R&D spending; human capital; empirical analysis;
    All these keywords.

    JEL classification:

    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity

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