Abstract
Abstract. This paper reviews the role of Research and Development in the economic growth. The paper links back the story of economic growth to the studies of 17th and 18th century. The role of Research and development was confirmed in the models like Romer (1987), Romer (1990), Aghion & Howitt (1992), Grossman & Helpman (1991) and Barro & Sala-i-Martin (2004). In 1990s and 2000s, the empirical investigations made it a significant factor of economic growth. It is therefore conclude on the basis of the reviewed literature that Research and development play a significant role in the economic growth of a country.
Keywords. Research and Development, Economic Growth, Human Capital
JEL Class. O31, O32, O47.References
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