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The technological innovation system is a concept developed within the scientific field of innovation studies which serves to explain the nature and rate of technological change. [1] A Technological Innovation System can be defined as ‘a dynamic network of agents interacting in a specific economic/industrial area under a particular ...
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
Technology is the application of conceptual knowledge to achieve practical goals, especially in a reproducible way. [1] The word technology can also mean the products resulting from such efforts, [ 2 ] [ 3 ] including both tangible tools such as utensils or machines , and intangible ones such as software .
The concept of the innovation system stresses that the flow of technology and information among people, enterprises, and institutions is key to an innovative process. It contains the interactions between the actors needed in order to turn an idea into a process, product, or service on the market.
Conversely, modern technology dynamics studies generally advocate that technologies are not "self-evident" or market-demanded, but are the upshot of a particular path of technology development and are shaped by social, economic and political factors. in this sense, technology dynamics aims at overcoming distinct "internal" and "external" points ...
Innovation economists believe that what primarily drives economic growth in today's knowledge-based economy is not capital accumulation as neoclassical economics asserts, but innovative capacity spurred by appropriable knowledge and technological externalities. Economic growth in innovation economics is the end-product of: [5] [6]
Original model of three phases of the process of technological change: Invention is followed by Innovation, which is followed by Diffusion. The Linear Model of Innovation was an early model designed to understand the relationship of science and technology that begins with basic research that flows into applied research, development and diffusion [1]
[1] Innovation refers to adding extra steps to developing new services and products in the marketplace or in the public that fulfill unaddressed needs or solve problems that were not in the past. Technological Innovation however focuses on the technological aspects of a product or service rather than covering the entire organization business model.