Economic Themes (2012) 50 (4) 6, 511-533
Slavica Jovetić, Nenad Janković
Abstract: Contemporary business enviroment has contributed to the growing importance of investment in knowledge, technology and innovation. Increase of the general level of education has contributed that a paradigm job for life is replaced by a new, lifelong learning, where education is considered the only viable resource of competitive advantage in the long run. Investing in knowledge should be in causal relation with other factors such as investment in research and development, application of research results, innovation, development and application of new technologies. This is the reason why innovation is considered to be the core strategy for Europe 2020, which should lead to the creation of some kind of "Innovation Union". The last revision of the ISO family of standards shows that the sustainable success of the organization can only be achieved by effective and efficient quality management system, managing the effects of environment factors,learning process and improvement and innovation applying. Applying this standard is achieved by continuously improving organization performance, as well as customer and other interested parties satisfaction exceeding. The aim of this paper is to specify the statistical and econometric model which has to show the factors of economic growth and countries development level.On the basis of established database and specified model, the shape, type and direction of functional agreement between the dependent variable were defined - GDP per capita and selected independent variables and hypotheses were tested using regression models.
Keywords: knowledge; innovation; economic development; statistical and econometric model
KNOWLEDGE AND INNOVATION AS ESSENTIAL FACTORS OF SOCIO-ECONOMIC DEVELOPMENT OF THE COUNTRY: A STATISTICAL AND ECONOMETRIC MODEL
Slavica Jovetić, Nenad Janković
Abstract: Contemporary business enviroment has contributed to the growing importance of investment in knowledge, technology and innovation. Increase of the general level of education has contributed that a paradigm job for life is replaced by a new, lifelong learning, where education is considered the only viable resource of competitive advantage in the long run. Investing in knowledge should be in causal relation with other factors such as investment in research and development, application of research results, innovation, development and application of new technologies. This is the reason why innovation is considered to be the core strategy for Europe 2020, which should lead to the creation of some kind of "Innovation Union". The last revision of the ISO family of standards shows that the sustainable success of the organization can only be achieved by effective and efficient quality management system, managing the effects of environment factors,learning process and improvement and innovation applying. Applying this standard is achieved by continuously improving organization performance, as well as customer and other interested parties satisfaction exceeding. The aim of this paper is to specify the statistical and econometric model which has to show the factors of economic growth and countries development level.On the basis of established database and specified model, the shape, type and direction of functional agreement between the dependent variable were defined - GDP per capita and selected independent variables and hypotheses were tested using regression models.
Keywords: knowledge; innovation; economic development; statistical and econometric model
