Role of Research and Development in Indian Economics Growth
Keywords:
Research and Development, Economic GrowthAbstract
This paper reviews the role of Research and Development in the economic growth. The paper links back the story of economic growth to the studies of 17th and 18th century. The role of Research and development was confirmed in the models like Romer (1987), Romer (1990), Aghion and Howitt (1992), Grossman and Helpman (1991) and Barro and Sala-i-Martin (2004). In 1990s and 2000s, the empirical investigations made it a significant factor of economic growth. It is therefore conclude on the basis of the reviewed literature that Research and development play a significant role in the economic growth of a country.
References
Ballot, G., F. Fakhfakh, F. & Taymaz,E. 2001. Firms’ Human Capital, R&D and Performance: A Study on French and Swedish Firms. Labour Economics, 8, 443–462. http://dx.doi.org/10.1016/S0927- 5371(01)00038-0
Chou, Y. K. 2002. The Australian Growth Experience (1960-2000), R & D based, Human Capital-Based or Just Steady State Growth? Research Paper No. 855, ISSN 0819-2642, Department of Economics, University of Melbourne. http://econpapers.repec.org/RePEc:mlb:wpaper:855
Engelbrecht, H.J. 1997. International R &D spillovers, human capital and productivity in OECD economies: An empirical investigation, European Economic Review, 41,1479-1488. http://dx.doi.org/10.1016/S0014- 2921(96)00046-3
Fagerberg, J., Verspagen, B. & Caniee.M. 1997. Technology, Growth and Unemployment across European Regions, Regional Studies, 31 (5), 457-466. http://core.ac.uk/download/pdf/6787087.pdf
Falk, M. 2007. R & D spending in the high-tech sector and economic growth. Research in Economics, Vol. 61, pp. 140–147. http://dx.doi.org/10.1016/j.rie.2007.05.002
Goel, R. K., Payne J. E., & Ram.. 2008. R&D expenditures and U.S. economic growth:A disaggregated approach.
Journal of Policy Modeling, 30, 237–250. http://dx.doi.org/10.1016/j.jpolmod.2007.04.008
Jin, J. C., 2009. Economic research and economic growth: Evidence from East Asian economies, Journal of Asian Economics, 20, 150–155. http://dx.doi.org/10.1016/j.asieco.2008.12.002
Khan, J., and Khattak, N. U. R. 2013. The Significance of Research and Development for Economic Growth: The Case of Pakistan, City University Research Journal, pp.175-86.
Lee, J. W. 2005. Human Capital and Productivity for Korea’s Sustained Economic Growth, Journal of Asian Economics, 16, 663–687. http://dx.doi.org/10.1016/j.asieco.2005.06.009
Lucas, R., Jr. 1988. On the Mechanics of Economic Erowth, Journal of Monetary Economics, 22, 3-22, North Holland.http://www.parisschoolofeconomics.eu/docs/darcillon-hibault/lucasmechanicseconomicgrowth.pdf
Malthus, T. R. 1798. An Essay on the Principle of Population. London: W. Pickering, 1986. http://www.econlib.org/library/Malthus/malPop.html
Ornaghi,C. 2006.Spillovers in product and process innovation: Evidence from Manufacturing Firms.,International Journal of Industrial Organization, 24, 349– 380. http://dx.doi.org/10.1016/j.ijindorg.2005.07.002
Ramsey, F. 1928. A Mathematical Theory of Saving. Economic Journal, 38, 543–559. http://folk.uio.no/gasheim/zRam1928.pdf
