Approach to Determining the Science and Innovation Funding Impact on the Socio-economic Development of the EU Countries and Ukraine

Ihor MATYUSHENKO, Valery REZNIKOV, Olga TOFANIUK and Alona ZINCHUK

Abstract:

The paper presents an approach to determining of science and innovation funding impact on the socio-economic development of the EU countries and Ukraine. The Cobb-Douglas production function was used for the analysis, which reveals the dependence of the GDP indicator on the factors of Government budget allocations for R&D and the Global Innovation Index. The models also analyse the impact of each of the GII sub-indexes on the socio-economic development of the countries. Calculations were carried out for the EU countries and Ukraine for 2014-2020 period.