The Role of Innovation in Social Progress? an Empirical Exploration

This study explores the relationship between R&D spending and social progress in the context of rapidly innovating and digitalizing world. Using data for 131 countries for the years 2019-2020, we find that innovation has significant positive relationship with social progress index. After controlling for other factors, 1 percentage point increase in R&D expenditure is associated with 1.13-point increase in social progress. We also confirm the importance of human capital and quality of institutions for the social progress.

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