THE RELATIONSHIP BETWEEN R&D AND ECONOM?C GROWTH: THE CASE OF OECD

Abstract

Author(s): Yusuf BAYRAKTUTAN Fatma KETHUDAO?LU

Economic growth is among the policy priotries of countries, regardless of development level. The amount of production factors and the elements that affect their productivity have impact on the progress of national income over time. In the theoretical framework, technology component that was evaluated externally previously, is regarded as the internal factor of the model, and research and development (R&D) activities turned to be important in policy design. This study, which aims to investigate the affects of R&D expenditures and the employment of researchers on economic growth for the 29 OECD countries by using the annual data for the period of 1996-2015, following the basic conceptual and theoretical introduction, interprets the R&D data of world and OECD members; summarizes the relevant literatüre, and presents the evaluations based on analysis of two models and their findings. The results of the analysis show that R&D expenditures and equivalent numbers of full-time researchers employed in this field affect economic growth positively.

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