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Study on the Economic Growth of Patent Output in the High-tech Industry

DOI: 10.5539/jms.v3n1p103

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Abstract:

This paper makes the empirical research for the relationship between patent output and economic growth in the high-tech industry by panel data model. On the whole, the result shows that there is a significant long-run equilibrium relationship between patent output and economic growth. Moreover they are the Granger reason mutually, with the interactive mechanism. Patent output contributes to economic growth with a significant lagged effect, displaying the function of patent output is a dynamic accumulation process. Subsequently, through constructing the individual fixed effect regression model and analyzing it, this paper finds that there is the conspicuous difference among the spontaneous effects of economic growth among high-tech industry. Finally, this paper proposes that the science and technology input should be arranged reasonably according to the various development characteristic of each industry, instead of one-sidedly pursuing the equalization in industry distribution of the science and technology input.

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