The Impact of Innovation on Economic Growth in Developed and Developing Countries
Subject Areas : SpecialMohammad Hassanzadeh 1 * , Hatef Hazeri 2 , Zahra Davazdahemami 3
1 - Associate Professor, Faculty of Social Sciences, University of Mohaghegh Ardabili, Ardabil, Iran
2 - Associate Professor, Faculty of Social Sciences, University of Mohaghegh Ardabili, Ardabil, Iran
3 - Graduated in Economics, Economic Development and Planning, Faculty of Social Sciences, University of Mohaghegh Ardabili, Ardabil, Iran
Keywords: Innovation, Economic Growth, Developed Countries, Developing Countries,
Abstract :
Innovation is one of the most important means of companies' competitiveness, which, if appropriate infrastructures are provided, can lead to economic growth of countries through scientific and technological development. In this study, the impact of the number of patents as one of the most important measures of innovation on the economic growth of selected developed and developing countries during the period of 2000-2020 has been analyzed with a panel data approach. Experimental results show that, taking into account control variables, innovation has a positive and significant effect on economic growth in developed and developing countries. The comparison of the impact of innovation in the two studied groups shows that in developing countries that have a lower level of innovation, the effect of innovation on economic growth is greater than in developed countries. Based on this, supporting innovation, intellectual property rights and strengthening institutions related to the national innovation system in order to strengthen and extend innovation as one of the basic factors of economic growth should be considered in national planning
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