Analysis of the Relationship among Innovation Performance, Economic Development and Social Welfare

Abstract

In our modern world everything is related: without innovation performance there is no economic development, without economic development no improvement can be found in social welfare and vice versa. In this study I explore the relationship among these three key factors with the help of statistical methods. Before that I give a brief summary on the indices that makes the measurement of the above-mentioned fields possible. After that I carry out statistical description of these relationships by pairs with the method of correlation analysis. Results obtained on the basis of data of the European Union member states prove that relationships among innovation performance, economic development and social welfare of countries are very strong and statistically significant. Furthermore, analysis described in the paper also proves that increasing innovation performance has a positive effect on different dimensions of social welfare.