Abstract:

Achieving sustainable growth in macroeconomic policies is among the main macro targets of each country. Along with the new global order that eliminated the boundaries, growth theories have also undergone many changes over time. Especially the endogenous growth theories put forward after 1980s accepted R&D as the driving force of growth and the critical role of technology on growth came to the fore. Romer's paper in 1990 has been the inspiration for many studies on the effects of R&D on growth. In neo-classical economic growth models, although the effect of technology on growth is accepted as an exogenous effect, evolutionary economics accepted technology endogenous and regarded it as one of the main engines of growth. Even today, the effect of technology, which is up to date, on growth, which is internalized by technology; R&D expenditures are discussed through variables such as patent applications and advanced technology exports. In this study, the hypothesis that technology has a positive effect on growth will be tested with data sets from countries of different economic sizes. In the study carried out in this context: The relationship between R&D expenditures, patent numbers and high technology exports to economic growth in 36 OECD countries with data covering the period 2007-2017 will be analyzed by Arellano and Bond Generalized Method of Moments (GMM). OECD countries have been chosen as the country group since it is aimed to capture a wider macro perspective with the analysis to be made with countries with different economic and development levels. According to the first results obtained from the dynamic panel analysis: R&D expenditures and patent numbers have a positive and statistically significant relationship with economic growth. However, although the relationship between high-tech exports and growth was positively estimated, it was concluded that this relationship was not statistically significant. 

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