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This paper aims to investigate the role of scientific research in the development of technology advancement and subsequent economic growth. The publication data collected from Science and Nature consists of 31,615 lines in Excel. Scholars from 3,790 universities and research institutes in 118 countries have published in the two premier journals over the period 2012–2019. Using these publication data, we explore two transmission channels: first, research output can be used for the development of innovations and inventions; second, such a technological advancement promotes economic growth. Instrumental variable (IV) estimation suggests that scientific publications have a causal effect on the enhancement of advanced technologies; the technology enhancement, in turn, has a causal effect on economic growth. Empirical evidence in direct support of these two relationships provide major incentives for governments and business firms to invest more towards future research in the fields of science and technology.
Yu et al. (Wed,) studied this question.
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