Science, Technologies, Innovations №3(23) 2022, 44-51 p

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http://doi.org/10.35668/2520-6524-2022-3-06

Huseynov Safar Mazahir — PhD student in Economy of Technological Innovation, Economic Scientific Research Institute under The Ministry of Economy of Azerbaijan Republic, AZ1122,196 Hasan bay Zardabi, Yasamal, Baku, Azerbaijan, +994554330050, safarguseynov96@mail.ru, ORCID: 0000-0002-9531-5632

IMPACT OF R&D AND INNOVATION ON ECONOMIC DEVELOPMENT: AN EMPIRICAL ANALYSIS ON AZERBAIJAN

Abstract. The purpose of the study is to investigate the impact of Research and Development (R&D) and innovation on the economic development of the Republic of Azerbaijan. For this purpose, time series analysis was applied with the help of the “EViews 12.0” application, taking R&D expenditure, the number of researchers in the country, the number of patent applications, and finally the Gross Domestic Product (GDP) data as an indicator of economic development. In addition, causality from both the number of patent applications and the number of researchers to economic growth has not been determined. In addition, causality from R&D expenditures, patent applications and researchers to economic growth in the long run has not been determined. Undetected causality hypotheses are highlighted in the article.

Keywords: Economic Growth, R&D, Innovation, VECM, Causality.

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