The study of the correlation between science & technology progress and economic growth

The measures to science and technology progress have been considered all long, and various methods may cause different results. Based on the research of our predecessors, the article put forward Time Varying Parameter model, which settle the dilemma in the process of measuring. Using this model, the author makes empirical study to the correlation between science & technology and economic growth. The empirical result shows that from 1979 to 2003, science and technology progress' contribution attain 52.30%, and there exists preferably coherence. Further more, there is long-run equilibrium relationship and Granger causality relationship between science & technology progress and economic growth, which tell us on the hand the former can promote the latter, on the other hand the latter can also bring out more extensive science & technology progress.