Economic growth, innovation activities and investment in the research and development: contemporary challenges for the European Union

Abstract

New approaches to investigate the processes of economic growth and innovation activities, and to analyse the needs and the factors of the increase of efficiency of investment into the research and development (R & D) in the context of contemporary challenges of European integration, as well as the needs and possibilities to improve the assessment and modelling of the impact of investment into the R&D on economic growth are presented in this publication. Main attention is focused on the contemporary problems of social and economic development in the European Union, especially - on the problems of innovation activities and on the needs to increase the impact of the investment into the R & D on economic growth. It is shown that the ability to increase the impact of investment into the R&D on economic growth is a key priority for the activation of innovations in all spheres of social and economic life and technological progress. New ideas and a new way to modelling of the impact of investment into the R & D on economic growth is described. The newly proposed modelling method is adapted to the case analysis of the development processes in the European Union, the main results of this modelling and analysis are presented in this publication.