Abstract
Searching for innovative solutions and investing in technology development determine competitiveness and progress of individual organizations and the entire economy. The research and development (R&D) expenditures are catalyst for innovation and therefore determine economic development which can be measured by the value of gross domestic product. The research is driven by a question how Poland is scored in comparison to other countries in this context, while more generally it aims to contribute to theoretical understanding of innovation role in economy development. Referring to the theory of endogenous growth, the research is driven by following questions: What is the relationship between GDP (gross domestic product) and GERD (gross domestic expenditures on research and development), and between VAI (value-added industry) and GERD? Does an increase in investment of GERD determine the growth of GDP and/or VAI? We studied the relations for selected countries with econometric modelling to set Poland in the global context. The panel data came from the World Bank databases. The results of analysis show generally a positive relationship between GDP and GERD, and between VAI and GERD.
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Generalized least squares (GLS) was used for estimating the unknown parameters in both models when there was observed a certain degree of correlation between the residuals in a regression model, as in these cases, ordinary least squares (OLS) can be statistically inefficient, or even give misleading inferences.
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This work was supported by the National Centre for Research and Development in Poland under Grant IS-2/88NCBR/2015.
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Wojewnik-Filipkowska, A., Zamojska, A., Szczepaniak, K. (2019). Innovation System in a Global Context: A Panel Approach. In: Jajuga, K., Locarek-Junge, H., Orłowski, L., Staehr, K. (eds) Contemporary Trends and Challenges in Finance. Springer Proceedings in Business and Economics. Springer, Cham. https://doi.org/10.1007/978-3-030-15581-0_19
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