A New Approach to Assessing the Science Contribution to the State Economy

 
 
 
  • Abstract
  • Keywords
  • References
  • PDF
  • Abstract


    The article is dedicated to the issues of assessing the science contribution to the state economy. The suggested author’s approach to estimation the science impact on the economic growth. The authors carried out modeling of estimation the role of science in the country’s economic development on the example of Great Britain. According to the models obtained, the volume of R&D expenditures has the most significant influence on the country's economic development, and in the long outlook this impact is almost twice as high as in the short-term one. The article conclusion contains advantages and limitations of author’s approach to assessing the science contribution to the state economy.

     

     


  • Keywords


    science, science contribution, state economy, economic development, modeling.

  • References


      [1] Wei-ChiHuang Ching-ChongLai Ping-HoChen International R&D funding and patent collateral in an R&D-based growth model International Review of Economics & Finance Volume 51, September 2017, Pages 545-561 https://doi.org/10.1016/j.iref.2017.07.009.

      [2] Lai VanVo Huong Thi ThuLe Strategic growth option, uncertainty, and R&D investment International Review of Financial Analysis Volume 51, May 2017, Pages 16-24 https://doi.org/10.1016/j.irfa.2017.03.002.

      [3] Angus C.Chu GuidoCozzi Ching-ChongLai Chih-HsingLiao Inflation, R&D and growth in an open economy Journal of International Economics Volume 96, Issue 2, July 2015, Pages 360-374 https://doi.org/10.1016/j.jinteco.2015.03.007.

      [4] d’Artis Kancs, Boriss Siliverstovs R&D and non-linear productivity growth Research Policy Volume 45, Issue 3, April 2016, Pages 634-646 https://doi.org/10.1016/j.respol.2015.12.001.

      [5] Pessoa A. R&D and economic growth: How strong is the link? Economics Letters Volume 107, Issue 2, May 2010, Pages 152-154 https://doi.org/10.1016/j.econlet.2010.01.010.

      [6] Antras, Pol. Is the U.S. Aggregate Production Function Cobb-Douglas? New Estimates of the Elasticity of Substitution.Contributions to Macroeconomics 4(1): article 4. 2004 doi:10.2202/1534-6005.1161.

      [7] Sato R.,Tamaki M. Quantity or Quality: The Impact of Labour-Saving Innovation on US and Japanese Growth Rates, 1960-2004.

      [8] Jae-pyoHong Causal relationship between ICT R&D investment and economic growth in Korea echnological Forecasting and Social Change Volume 116, March 2017, Pages 70-75 https://doi.org/10.1016/j.techfore.2016.11.005.

      [9] Minniti A. Venturini F. The long-run growth effects of R&D policy Research Policy Volume 46, Issue 1, February 2017, Pages 316-326 https://doi.org/10.1016/j.respol.2016.11.006.

      [10] Pavelescu F. M. Methodological Considerations Regarding the Estimated Returns to Scale in Case of Cobb-douglas Production Function Procedia Economics and Finance Volume 8, 2014, Pages 535-542 https://doi.org/10.1016/S2212-5671(14)00125-7.

      [11] Husain S., Shahidul Islam Md. A Test for the Cobb Douglas Pro-duction Function in Manufacturing Sector: The Case of Bangladesh. International Journal of Business and Economics Research. Vol. 5, No. 5, 2016, pp. 149-154. doi: 10.11648/j.ijber.20160505.13.

      [12] Gavriluk V.T. Analysis of the influence of the invests on the economic growth of the country with use of production functionю Вісник Запорізького національного університету №4(16), 2012. С. 73-78.

      [13] Myasnikov Total factor productivity in Russian regions in 2000-2014. Ekonomika i Predprinimatelstvo (Economics and Entrepreneurship) , Vol. 77-4, No. 12-4 (March 2017): pp. 657-664.

      [14] Daw G. La décomposition des biais de progrès technique est-elle réalisable avec une fonction production Cobb-Douglas? La Revue Gestion et Organisation Volume 6, Issue 1, March 2014, Pages 47-55 https://doi.org/10.1016/j.rgo.2014.05.001.

      [15] Zhang Y. Gong P. IPV model with Cobb–Douglas and reference-dependent utility functions Physica A: Statistical Mechanics and its Applications Volume 510, 15 November 2018, Pages 121-131 https://doi.org/10.1016/j.physa.2018.06.123.

      [16] World Development Indicators http://databank.worldbank.org/data/reports.aspx?source=world-development-indicators.

      [17] Cobb, C. W.; Douglas, P. H. (1928). "A Theory of Production" (PDF). American Economic Review. 18 (Supplement): 139–165..

      [18] Solow R. Technical Change and the Aggregate Production Function Review of Economics and Statistics, 39 (1957), pp. 312-320.

      [19] The United States Annual and Monthly Inflation Tables https://www.statbureau.org/en/united-states/inflation-tables.


 

View

Download

Article ID: 28126
 
DOI: 10.14419/ijet.v7i4.8.28126




Copyright © 2012-2015 Science Publishing Corporation Inc. All rights reserved.