Innovation, Technical Progress and Economic Development

Abstract

The aim of the article is to show through a theoretical overview that there is an inextricable link between economic growth, technological progress, innovation and intellectual property. This connection has been realized since the dawn of economic science, by economist theorists who, even without mathematical models, and some of them even before a terminological and legal framework covering the matter was created, managed to prove that without innovations and technologization of production and labor skills, it is not possible to achieve sustainable economic growth. The relationship between innovation and economic growth is also depicted through the EC’s innovation development index, where the difference in assessment between the developed economies of the so-called “Western worldˮ and developing, commodity economies.