Scientific Capital as the Engine of Innovation Generation in the European Regions.

Innovation can be explained by different inputs like human, technological and relational capitals. A production function can be used to determine the components of innovation, using the abovementioned capitals as inputs. Scientific activity includes the development of patents and publication of the same in specialized scientific journals, and such publications are considered scientific capital. And if we use this scientific capital replacing tertiary education as a human capital indicator, we can obtain a better mechanism for knowledge transmission and innovation in the European context. This paper empirically demonstrates the importance of the paper publication in the generation of innovations in the European region during the period 2007-11, using the economic growth theory applied to the construction of an innovation generating mechanism. [ABSTRACT FROM AUTHOR]