Estimating the innovations impact on country’s economic welfare

The article describes estimating method of innovation impact on welfare of country Applied within the method model represents the translog function for GDP per capita, which describing parameters contain, along with «clas-sic» macro-indicators, innovative development indicators of country Constructed by principal component method innovative development indicators approximate innovativeness of two production factors — labor resources of country and its capital Calculations are based on International Institute for Management Development annual data Implied for several countries’ clusters the model reveals the dependence and the impact of arrangements for in-creasing country’s innovativeness on its welfare