Institutions, technological innovations and economic growth

This book entitled Institutions, technological innovations and economic growth was written with the idea to contribute on the explanation of the sources of economic growth in small open economies. In the empiric section, results form the estimations are being generalized for the all-small open economies. Primary target of the research in this dissertation is to determine and estimate the significance of the democracy and democratic institutions in the promotion of innovations and their combined influence over the economic growth of the small open economies. First, the fundamental theory of institutions is being outlined. Than economic convergence of poor countries to rich countries through the growth of stock from knowledge, human capital and trade, which is followed by the empirical testing of institutions, innovations and economic growth for a group of countries. Methodology of the model is set at the beginning of this part, so that the techniques of estimations used afterwards can be justified.