Spillover effect of the technology and R&D spendings on economic growth and development

The spillover of global technology has accelerated with the development of information and communication technologies, the significant increase in the cross-border flow of information, as well as the increase in the completion of the capital stock with the workforce. Increasing R&D expenditures contributes to economic development as well as economic growth by enabling technology to become an important competitive strategy. The effect of R&D expenditures and technology is seen as an important way, especially for those who want to innovate independently. The impact of high technology industries on international technology spillover is particularly important. It is also very important to investigate whether existing technologies and R&D expenditures led by these technologies contribute to the country's welfare increase. The main purpose of this research is to reveal the effect of R&D expenditures and technology on economic growth and economic development. In this study, the effect of R&D expenditures on economic performance and welfare will be measured by using various variables. Also, another aim of the study is to make policy recommendations in this direction. In this framework, various findings and effects have been obtained by using techno-economic data sets. Two models have been established for this purpose, according to the estimation results, the effect of unit change on economic growth and development in three different R&D and technology indicators is positive and statistically significant. In this context, R&D activity and technological progress can create great effects on the economy and these effects will be long-term. Keywords: Technology, R&D expenditures, economic growth, economic development