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Ejermo (2015). “How Do the Foreign-born Perform in Inventive Activity? Evidence from ,” 28(3). Research, innovation and economic growth (Chapter 1) Research and innovation in firms have had a decisive significance for societal development throughout history. Research and development (R&D) and other forms of intangible capital that are important for producing innovations, are also significant for long- term economic growth. devotes relatively large resources to R&D, in particular in the corporate sector, and firms seem in general to have good conditions for R&D. To enable to retain its position as one of the leading research and innovation nations and thus be able to utilise the benefits of this in the form of higher economic growth and higher living standards, there must be a stream of resources and effort on many levels. In other words, ’s capacity to continuously generate innovation is central to maintaining living standards. At the same time increased investments in R&D and innovation mean that resources, which have an alternative use in the form of production or other investments, are appropriated. Consequently, investments in R&D and innovation do not generate growth per se but assume that the return on the investments, for example in the form of better products or more efficient production processes, will be greater than on the alternative uses of the resources that the firms – and for that matter society as a whole – appropriate. Countries that are more R&D intensive have had higher productivity growth in the period 1995-2010. But this does not mean that the relation between productivity growth and R&D expenditures is causal. is R&D the only factor that explains why some countries show higher growth in multifactor productivity. shows productivity growth approximately in parity with expectations, given the R&D intensity. Bilaga 8 till LU15 comparatively rapid growth in productivity since the middle of the 1990s. What marks out Swedish productivity growth is that it, to a greater extent than in other countries, is driven by total factor productivity rather than by the labour force continually having access to more capital (known as capital deepening). In several countries the productivity growth trend has slowed in the last ten-year period compared with the immediately preceding ten-year period. This observation has given rise to an international debate on the conditions for long-term productivity growth in economically advanced countries. The debate is largely, but not exclusively, concerned with how significant innovations and new technology will be in the coming decades. The weakening productivity growth trend could be an indication that the most ground-breaking innovations have quite simply come to an end, that the economically developed part of the world has reached “peak innovation”. Despite the fact that the debate is supported by constantly improving data and more research, it is difficult to give any definitive “verdict” on the contribution of innovation to future economic growth. It can, however, be noted that historically new technology breakthroughs have often been preceded by a period of weak productivity growth. In addition resource utilisation in many countries is still low as a result of recent years’ financial and debt crises, which makes it difficult to determine how much of the weak productivity growth that is cyclical. Countries with good of allocating resources to innovative environments, perhaps particularly to firms, and where these environments function well, are also in a better position to achieve high productivity growth in the long term. How ’s innovative capacity compares with other countries’ is therefore a central issue for economic policy. However, innovations can be produced by either spending more on innovations or by using existing resources more effectively. In this report to the Long Term Survey innovative capacity is used to capture – and measure – the resources that a society makes available in order to generate new innovations. Central in this context are the R&D resources that companies can have at their disposal and use in the production of new ideas and new technology. The term innovation efficiency expresses instead how efficient countries are when it comes to transforming a given amount of resources to innovation outputs. Bilaga 8 till LU15 Innovation efficiency is closely associated with factors that create incentives to use R&D resources effectively. Examples of such factors are conditions of competition in the market or protection of intellectual property rights.