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Business Research and Development and its Effectiveness in the Case of Emerging and Transition Economies

The issue of business research and development effort and its effectiveness seems to be of special importance for economic development on both macroeconomic and microeconomic level, especially within the framework of knowledge-based economy and in the period of global economic slowdown. On average, companies located in emerging and transition economies spend significantly less on research and development in relation to GDP (BERD/GDP) in comparison to average business R&D expenditure of firms located in advanced economies…

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