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Empirical Research on the Relationship between Scientific Innovation and Economic Growth in Beijing

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DOI: 10.4236/ti.2012.33023    4,518 Downloads   6,694 Views   Citations

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.

Conflicts of Interest

The authors declare no conflicts of interest.

Cite this paper

L. Zhang, W. Song and J. He, "Empirical Research on the Relationship between Scientific Innovation and Economic Growth in Beijing," Technology and Investment, Vol. 3 No. 3, 2012, pp. 168-173. doi: 10.4236/ti.2012.33023.

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