Examination of the Relationship between Granted Patents and Economic Growth in Europe

Abstract

This investigation analyzes the relationship between granted patents and economic growth in the 27 EU countries under the scope of the EPO. The variable studied was the economic growth in the EU modeling as a function of European-granted patents, GDE on R&D, employment in high-tech sectors, and the workforce in science and technology. For the analysis, data between 2012 and 2021 from official sources, such as Eurostat and the EPO database, were processed using the statistical software EViews. Statistical tests that evaluate the estimated models and measures, such as R-squared to determine the model’s overall fit, were used in the choice-making and when setting the predictive power of the results.