R&D expenditures and economic growth relationship in the context of OECD countries: Panel Data Analysis (2000-2020)

This study was prepared to examine the relationship between R&D expenditures and Economic growth in OECD countries. The aim of the study is to investigate the relationship between R&D expenditures and economic growth by using annual data covering the 2000-2020 period of 35 OECD countries. While growth was used as the dependent variable, R&D expenditures were used as the explanatory variable, gross fixed capital formation representing domestic investments and labor force representing labor were included in the analysis as control variables. Models were created using fixed effect and random effect estimators, and panel data analysis was carried out with the help of Hausman test in order to understand which of these models is more suitable. As a result of the empirical analysis; It has been observed that there is a positive and significant relationship between R&D expenditures and economic growth variables.