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.