Socialization of Innovation Policy in EU

Abstract

The European practices in setting up and implementing the socially oriented EU innovation policy are analyzed; new tools and trends related to the socialization process in innovation are identified. The social effectiveness of the EU innovation policy is assessed by econometric analysis. The impact of implementation of the revised innovation policy on the social development of EU is assessed by finding the correlation of Summary Innovation Index with Human Development Index, per capita GDP by PPC (by data for 2011 and 2015), Quality of Life Index (by data for 2015). The assessment shows the significant and increasing impact of the in novativeness (measured by Summary Innovation Index) on Human Development Index in EU countries in 2011 and 2015; on per capita GDP by PPC in 2015; the growing correlation between the innovativeness and Quality of Life Index, from weak in 2011 to strong one in 2015. The results give evidence on the positive impact of the innovation policy in EU countries on solutions of social problems.