The impact of innovation on economic growth
Innovations are considered as an essential driver of economic progress that benefits customers, businesses, and the economy as a whole. They are crucial for value creation, employment, and have critical importance in sustaining long-run economic growth. The goal of this paper is to provide an overview of the different approaches and studies dealing with the impact of innovation on economic growth. We will also investigate the impact of innovation, measured by R&D expenditure, on economic growth in the EU27 during the period of 2008-2018.
JEL code: H50, O30, O31
Keywords: innovation, R&D expenditure, economic growth