Investigation of the Effect of R&D, Education and Health Expenditures on Economic Growth by Panel Data Analysis Method


GÖKKAYA D. , ŞENOL O., ÇIRAKLI Ü.

SOSYOEKONOMI, vol.29, no.50, pp.95-108, 2021 (Journal Indexed in ESCI) identifier

  • Publication Type: Article / Article
  • Volume: 29 Issue: 50
  • Publication Date: 2021
  • Doi Number: 10.17233/sosyoekonomi.2021.04.05
  • Title of Journal : SOSYOEKONOMI
  • Page Numbers: pp.95-108
  • Keywords: R&D, Economic Growth, Education Expenditure, Health Expenditure, Panel Data Analysis, IMPACT

Abstract

This study aims to reveal the effects of R&D, education, and health expenditures on economic development. For this purpose, the study examines the 2000-2019 data of 45 countries in the middle upper-income and high-income country groups by panel data analysis method. Errors encountered in panel data basic assumption tests were corrected with Driscoll-Kraay standard errors. As a result, it has been determined that a one-unit increase in education and health expenditures contributes more to economic growth than one unit. In contrast, R&D expenditures have a minor positive effect on economic growth in the short run but more in the long run.