Faculty of Economics and Sociology, University of Lodz
Abstract
JEL Classifications: O33, O30, O47This study examines the relationship between technological innovation and economic
growth in European Union countries over the period 1993-2011. Using Blundell and Bond (1998)
generalized method of the moments estimation technique, the study provides evidence that R&D
expenditures and patent activities differ in terms of fostering economic growth between EU-15 and
EU-13 countries. The main results indicate that there is no significant impact of R&D expenditures on
the economic growth and that patent activities determine economic growth in EU-13 subsample and
EU-28 as a whole. The study suggests that there may be no one particular recipe for growth for all EU
countries and put into question whether setting common numerical targets in EU’s innovation policy
makes economic sense
