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INOVATION AND ECONOMIC GROWTH
Abstract
In the present study we aimed to present a point of view on the relationship between innovation and economic growth, considering innovation as the most important component of long-term economic growth engine. In this regard our research was based on different bibliographic sources that we mentioned in the article. In our approach we started by defining the two concepts, innovation and growth, the ways of interaction between them and the role of innovation in delivering economic growth. Innovation is a process for obtaining a new product or service, and marketing it. Hence the distinction from invention. The invention consists of creating a new configuration, compositions or materials, device or process being the first appearance of a new idea (concept) for a new product or process, while innovation is the first marketing of the new idea. Economic growth is a complex process aimed at the economic system as a whole and in its dynamics. By its content, it means a positive development, an upward trend of the national economy, without excluding cyclical fluctuations and even some temporary regressions. There are many reasons for businesses and organizations to innovate, including: increasing market share, the conquest of new markets, improving product quality, expanding the range of products, replacing outdated products, reducing the environmental impact etc. Like any process, innovation must be created, financially supported by investments which in turn will create new products and/or services. This is where the state must intervene through specific mechanisms. At governmental level research and development (R&D) must be supported by national policies and strategies, particularly through applied research. This will create innovative capacity capable of creating a national economic competitiveness.
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