Innovation plays a pivotal role in a national economy and in the research and development of science and technology. Because the elements, capability and development direction of innovation in various countries are dissimilar, national innovative capacity also varies by country. However, previous studies have predominantly measured national innovative capacity through empirical studies by using a single index of innovation output, ignoring that the forms of innovation are heterogeneous across countries and failing to examine the influence exerted by various innovation models on economic development. Thus, the purpose of this study is to fill this gap by using scientific driving force and technological driving force to present the influence of national innovative capacities on economic development.
This study used regression models to test the influence of different national innovative capacities (i.e. scientific and technological driving forces) on economic development and stability.
Using the data of 60 countries, this study determined that both scientific and technological driving forces influenced economic development; specifically, scientific driving force affected economic development through technological driving force. Moreover, both research paper quality and patent quality positively influenced economic stability, but patent quality was the mediator.
This study examined scientific output from both quantitative and qualitative perspectives to determine their influence on economic growth and particularly on economic stability, which lacks dedicated studies. This study strives to bridge this gap in the literature by asserting, from the concept of economic resilience, that high-quality science and technology can strengthen the stability of a country’s economy.
