A Nexus Among Technology Input, Research Activity, Innovation, and Economic Growth: A vis-à-vis Analysis between Asia and Europe

Abstract

uplifted and speedy productivity rates, causing positive economic growth in the Asian economy. The interrelation between technological progress and economic growth is summarized and analyzed by using quantitative methods. The paper studies the nexus between technological progress, the availability of engineers and researchers, and economic growth by applying the dynamic Generalised Method of Moments (GMM) method to the available quantitative data (2013-2017) of chosen Asian and European countries. The Econometric results show a significant effect of technological progress and innovation on economic growth. The empirical insight is of particular interest to policymakers as it helps to enhance internal and external technology and innovation development policies for sustainable economic growth in Asian and European countries.