Open AccessInnovation and productivity: the case of Nordic countries
Author(s) -
Светлана Балашова,
Anastasia A. Abramova
Publication year - 2021
Publication title -
vestnik rossijskogo universiteta družby narodov. seriâ èkonomika
Language(s) - English
Resource type - Journals
eISSN - 2408-8986
pISSN - 2313-2329
DOI - 10.22363/2313-2329-2021-29-1-88-98
Subject(s) - openness to experience , productivity , total factor productivity , volatility (finance) , commodity , welfare , economics , international economics , eu countries , business , international trade , european union , economic growth , market economy , finance , psychology , social psychology
Denmark, Finland, Iceland, Norway, and Sweden form a group of the Nordic countries, considered welfare states and the global leaders in innovative development. The link between the growth rate of total factor productivity and innovative development, controlling such factors as trade openness and prices volatility in commodity markets, is examined. The econometric analysis results show that the relationship between the level of innovative development and the rate of productivity growth is more robust for the Nordic countries than for the EU countries on average. Features of the national innovation systems and financing of RD in the Nordic countries and factors contributing to the impact of innovation activity on productivity are highlighted.