Academic-Capital

Economic growth requires the creation of new products and services for sale that develops new financial revenue streams. Creative works contribute to economic growth by allowing for solutions to market problems and effective consumer utility. On a national scale research and development can increase the gross national product of entire nations.  The first step in understanding economic development is the production of creative works. Creative works can be defined as a systematic approach to increase the stock of knowledge that contributes to man, culture and society by developing new applications (OECD, 1993). Such creative works are then further developed to make consumer products.  The human capacity to innovate has an impact on productivity growth ( Porter and Stern, 2000). This productivity growth is based on the intellectual capital within R& D projects and available national knowledge stock. As investments are moved into R&D, it is the human capacity