Investing in R&D as an Element of Productivity and Economic Growth in the European Union

Desetletja gospodarskega zaostajanja Evropske unije (EU) za vodilnimi svetovnimi gospodarstvi, kot so Združene države Amerike (ZDA) in Japonska, so v ospredje političnih in ekonomskih razprav v EU postavili vprašanje, kako povečati produktivnost in gospodarsko rast. V magistrski nalogi smo se osredotočili na vlaganja v raziskave in razvoj kot dejavnik produktivnosti in gospodarske rasti. Skozi zgodovino ekonomske teorije najdemo več teoretičnih in empiričnih prispevkov različnih avtorjev, ki so proučevali povezanost vlaganj v raziskave in razvoj s produktivnostjo in gospodarsko rastjo. V skladu s tremi prevladujočimi smermi v sodobni teoriji rasti od sredine dvajsetega stoletja naprej smo v nalogi predstavili in izpeljali Solow-Swanov neoklasični model, ki pojasnjuje dolgoročno gospodarsko rast z eksogeno določenim tehnološkim napredkom. V skupini endogenih modelov gospodarske rasti, ki so poskušali tehnološki napredek endogenizirati, smo predstavili model učenja z delom in prelivanjem znanja, model z naraščajočo raznovrstnostjo proizvodov in model kakovostne lestvice. Stična točka predstavljenih modelov endogene rasti je, da pojmujejo novo znanje, ki se pojavlja v procesu proizvodnje preko učenja z delom, prelivanjem znanja, v procesu nastajanja novih tipov proizvodov, procesov, organizacije ipd. ali kakovostnih izboljšav le-teh, in je neločljivo povezano z dejavnostjo raziskav, razvoja in inovacij, kot pomemben dejavnik rasti produktivnosti oz. gospodarske rasti. Prispevki tretje usmeritve, ki smo jo predstavili v magistrski nalogi, za razliko od navedenih poudarjajo pomen neekonomskih dejavnikov za gospodarsko rast (npr. nova institucionalna ekonomika, koncept nacionalnih inovacijskih sistemov). Temelječ na predstavljenih teoretičnih izhodiščih EU namenja vlaganjem v raziskave in razvoj osrednje mesto v svojih ključnih strateških dokumentih. Cilj doseči vlaganja v raziskave in razvoj v obsegu 3 % BDP EU si je zastavila že v lizbonski strategiji v letu 2000 in ga kot osrednji cilj ohranila tudi v novi strategiji Evropa 2020 in vodilni pobudi Uniji inovacij. Vendar samo povečanje investicij v raziskave in razvoj še ne zagotavlja učinkovitosti raziskovalne dejavnosti. Pregled dosedanjega razvoja upravljanja raziskovalne dejavnosti od začetkov Evropske skupnosti v 50-ih letih prejšnjega stoletja, ko so se pričeli gospodarski in politični integracijski tokovi v Evropi, do danes, in pregled najpomembnejših strateških dokumentov, ki predvidevajo njen nadaljnji razvoj, je pokazal, da je vodenje skupne, učinkovite raziskovalne politike EU ključnega pomena za doseganje večje produktivnosti in gospodarske rasti. V tem okviru je EU dodelila posebno vlogo uresničevanju Evropskega raziskovalnega prostora, notranjega trga znanja in raziskav, ki vključuje vsa relevantna področja raziskovalne politike EU od vzpostavitve učinkovitih in povezanih nacionalnih raziskovalnih sistemov, skupnega usmerjanja in izvajanja raziskav za reševanje ključnih izzivov evropske družbe, odprtega trga dela za raziskovalce, izgradnje raziskovalne infrastrukture evropskega pomena, prostega kroženja znanja in odprtega dostopa do znanstvenih spoznanj ter pospeševanja mednarodnega raziskovalnega sodelovanja. V empiričnem delu naloge smo na izbranih podatkih za države članice EU v obdobju 1995-2013 potrdili povezanost izdatkov za raziskave in razvoj, izraženih v % BDP, s produktivnostjo, izraženo na uro opravljenega dela. Ugotovili smo povezanost med spremenljivkama oblike konkavne parabole ter na obravnavanih podatkih določili vrednost vlaganj v raziskave in razvoj (v % BDP) (2,85 % BDP EU), ki maksimizira produktivnost (na uro opravljenega dela). Ob tem se zdi cilj o vlaganjih v raziskave in razvoj v obsegu 3 % BDP, ki si ga je zastavila EU s časovnico uresničitve do leta 2020, v podporo doseganju maksimalne ravni produktivnosti v EU.For decades, the European Union (EU) has been lagging behind economic superpowers, such as the United States of America (USA) and Japan. For this reason, the question of how to increase productivity and economic growth came to the forefront of political and economic discourse. The thesis focuses on investment in research and development (R&D) as a factor of productivity and economic growth. Throughout the history of economic theory, different authors studying the relationship between R&D expenditure on the one hand and productivity and economic growth on the other made various theoretical and empirical contributions. In accordance with the three leading directions of modern growth theory from the mid-20th century onward, the Solow–Swan neoclassical model explaining long-term economic growth with exogenous technological progress is presented and applied. The following endogenous growth models aiming to endogenize technological progress are also presented: model with learning-by-doing and knowledge spillovers, model with an expanding variety of products and model of quality ladder. One common characteristic of the presented endogenous growth models is that new knowledge obtained in the production process through learning by doing, knowledge spillover and the creation of new types of products, processes, organization etc. or their high-quality improvements are inextricably linked to research, development and innovation, and are important factors of productivity and economic growth. Contributions from a third direction of growth theory presented in the thesis, unlike those, stress the importance of non-economic factors in economic growth (eg. New Institutional Economics, the concept of National Innovation Systems). Based on the presented theoretical background, the EU has put investment in R&D at the centre of its key strategic documents. The target of reaching 3% of GDP spent on R&D has already been set in the 2000 Lisbon Strategy and remains the main objective in the new strategy entitled Europe 2020 and its flagship initiative Innovation Union. However, increased R&D expenditure does not guarantee the effectiveness of research. A review of research management from the beginnings of the European Community in the 1950s, when economic and political integration in Europe began, until today, and a review of the most important strategic documents envisaging its further development showed that a common, efficient European research policy is of key importance for increased productivity and economic growth. Therefore, the EU places strong emphasis on the implementation of the European Research Area, an internal market of knowledge and research, which regulates all important areas of the European research policy, from the establishment of efficient and integrated national research systems to the joint coordination and implementation of research in order to solve key societal challenges of the EU as well as other challenges related to an open labour market for researchers, the establishment of research infrastructures of pan-European interest, the circulation of and open access to scientific knowledge as well as enhanced international research collaboration. The empirical part of the thesis confirms a link between R&D expenditure (expressed in % of GDP) and productivity (expressed in the number of hours worked) based on selected data for EU Member States in the period 1995-2013. A causal link between variables of the concave parabola was confirmed, and the value of investment in R&D (in % of GDP) (2.85% of EU GDP) maximising productivity (per hour of work) was determined on the basis of the examined data. In accordance with these findings, EU’s target of reaching 3% of GDP spent on R&D to be achieved by 2020 seems in support of reaching maximum productivity in the EU