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Empirical Research on the Relationship between Scientific Innovation and Economic Growth in Beijing
University of Science and Technology of China, Hefei, China
University of Science and Technology of China, Hefei, China
University of Science and Technology of China, Hefei, China
- 1 University of Science and Technology of China, Hefei, China
- 2 University of Science and Technology of China, Hefei, China
- 3 University of Science and Technology of China, Hefei, China
Technology and Investment·Volume 03 (2012)·Pages 168–173·Published 31 August 2012·DOI10.4236/ti.2012.33023
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Abstract
This paper will build up a model about the dynamic relationship between scientific innovation and economic growth in Beijing, with VAR model (Vector Autoregressive Model), and choose the quantity of patent applications, sum of business transactions in the market of technologies and the foreign direct investment as its indicators of science and technology output, GDP as its indicator of economic growth, which finally uses variance decomposition analysis. The research shows that there is a long-term equilibrium relationship between scientific innovation and economic growth, and both have interactivity which means that scientific innovation promotes economic growth and economic growth boosts the scientific innovation.
KeywordsScientific InnovationEconomic GrowthVAR ModelBeijing
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