Effects of Expenditures in Science, Technology and RandD on Technical Change in Countries in Latin America and the Caribbean

Abstract

This chapter analyzes the effects of expenditures in science, technology and research and development (RandD) on technical change in countries with a high human development index in Latin America. We argue that with higher investments in science, technology and RandD, the productivity of Latin American countries should increase, thereby offering several advantages for the population. Moreover, we investigated the factors that determine the relationship between economic growth and development and technical change. In this study, we use a technological change model to determine the factors that influence the productivity conditions of every Latin American country analyzed. The findings show that the expenditures in science, technology, RandD and patents have a positive influence on the technological change of those countries.