Analysis of the effects of knowledge economy on economic growth by panel data method

In this study, knowledge economy and economic growth are examined and the relationship between these two concepts is tried to be explained. In this context, information economy indicators and economic growth values of 37 countries among 193 member states of the United Nations between 2003-2016 period were examined. In the analysis, real gross domestic product in terms of basic prices and USD in 2010; while expressing economic growth, R&D expenditures, high technology exports, number of patent applications and human capital secondary school gross enrollment rate representing; expresses indicators of knowledge economy. In addition, capital and labor are used as the control variable vector in the model, the capital variable is Gross Fixed Capital Formation and the labor variable represents the total labor force. In the light of these variables, panel data method was used to examine the relationship between knowledge economy and economic growth. According to the estimation results, the variables used as indicators of knowledge economy and total labor force data have a statistically significant and positive effect on economic growth. On the other hand, there is no evidence that Gross Fixed Capital Formation, which is used as another explanatory variable vector in the model, has a positive effect on economic growth. Key Words: Knowledge Economy, Economic Growth, Panel Data Analysis.