Productivity and economic growth in the European Union: Impact of investment in research and development

Artikel

This paper focuses on investment in research and development as a factor of labour productivity and economic growth. Our analysis confirms the link between expenditure for research and development (expressed in % of GDP) and labour productivity (expressed in the number of hours worked) based on selected data for EU Member States in the period 1995-2013. A causal link between variables of the concave parabola was confirmed, and the value of expenditure for research and development (2.85% of EU GDP) maximising productivity (per hour of work) was determined based on the examined data. In accordance with these findings, EU's target of reaching 3% of GDP spent on research and development to be achieved by 2020 seems in support of reaching maximum productivity in the EU.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Journal: Naše gospodarstvo / Our Economy ; ISSN: 2385-8052 ; Volume: 64 ; Year: 2018 ; Issue: 1 ; Pages: 18-27 ; Warsaw: De Gruyter Open

Classification and Topics

• Classification: Wirtschaft ; Innovation and Invention: Processes and Incentives ; Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence ; Single Equation Models; Single Variables: Panel Data Models; Spatio-temporal Models
• Subject: investment in research and development ; productivity ; economic growth ; correlation ; panel analysis

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Nekrep, Andreja ; Strašek, Sebastjan ; Boršič, Darja
• Event: Veröffentlichung
• (who): De Gruyter Open
• (where): Warsaw
• (when): 2018

Further information

• DOI: doi:10.2478/ngoe-2018-0003
• Handle: http://hdl.handle.net/10419/206250
• Last update: 10.03.2025, 11:45 AM CET