Innovación y bienestar social

  1. Javier Andrés 1
  2. Alfonso Arellano 2
  3. Rafel Doménech 2
  1. 1 Universitat de València
    info

    Universitat de València

    Valencia, España

    ROR https://ror.org/043nxc105

  2. 2 BBVA Research
Journal:
Economía industrial

ISSN: 0422-2784

Year of publication: 2021

Issue Title: Innovación y Transformación Económica

Issue: 421

Pages: 155-168

Type: Article

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More publications in: Economía industrial

Abstract

This article analyzes the effects of innovation on social welfare in a sample of 35 OECD countries from 1960 to the present. Our starting point is the estimation of convergence equations, similar to those used in the empirical literature on economic growth, modified to analyze the determinants of a measure of well-being that goes beyond per capita income. These equations provide an adequate conceptual framework which grounds the consideration of other regressors to analyze the effects of innovation in the long term. Estimates are made for both a cross-sectional data sample and panel data. The results obtained in this article indicate that the effects of innovation on social welfare are statistically significant and economically relevant. The estimated impact of the innovation is robust to alternative econometric specifications.

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