Abstract
We examine the long run relationship between innovation and economic development in Australia, using 150 years of data on patenting activity, and aggregate and sectoral economic indicators. Our initial results point to several important causal relationships, particularly the effects of patents on real GDP and of private capital formation on patents. We delve deeper at the sector level and find important causal relationships of patents with real foreign direct investment (FDI) since World War II. Australia's dependence on FDI for private capital formation served as an important stimulus for knowledge creation in key sectors including manufacturing, agriculture and mining.
| Original language | English |
|---|---|
| Pages (from-to) | 382-410 |
| Number of pages | 29 |
| Journal | Asia-Pacific Economic History Review |
| Volume | 63 |
| Issue number | 3 |
| Early online date | 1 Oct 2023 |
| DOIs | |
| Publication status | Published - Nov 2023 |
UN SDGs
This output contributes to the following UN Sustainable Development Goals (SDGs)
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SDG 8 Decent Work and Economic Growth -
SDG 9 Industry, Innovation, and Infrastructure
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