Abstract Based on the direct and spillover effects of R&D which are separated by the modified dynamic Feder model, this thesis discusses respectively the relationships between the total effect, direct effect and spillover effect of the basic R&D and application R&D and economic growth, thus identifying the impetus of economic growth. The model shows that, although the spillover effect of R&D promotes economic growth, the relationship between the direct effect of R&D and economic growth depends on the relative size of R&D sector and product sector relating to marginal revenue of facts; the relationship between R&D and economic growth is not clear in the short term, but in the long term, R&D drives economic growth, whose impetus is the spillover effect of R&D; the application R&D does promote economic growth, while the relation between the basic output and economic growth isn't clear; economic policy will not change the spillover effect of R&D, but can change the direct effect of R&D, thereby affecting economic growth. Empirical analysis shows that the economic growth in China is propelled by the spillover effect of basic R&D and the direct effect of application R&D.
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