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Innovation economics is a growing field of economic theory and applied/experimental economics that emphasizes innovation and entrepreneurship. It comprises both the application of any type of innovations, especially technological but not only, into economic use.
Diffusion of innovations is a theory that seeks to explain how, why, and at what rate new ideas and technology spread. The theory was popularized by Everett Rogers in his book Diffusion of Innovations, first published in 1962. [1]
The focus of evolutionary economics is on economic change, but as a driver of this technological change has been considered in the literature. [5] Joseph Schumpeter, in his classic Theory of Economic Development [6] placed the emphasis on non-economic forces as the driver for growth. The human actor, the entrepreneur is seen as the cause of ...
Neo-Schumpeterian economics is a school of thought that places technological innovation at the core of economic growth and transformation processes. It is inspired by the work of Joseph Schumpeter who coined the term creative destruction for the continuous introduction of technological change that drives growth by replacing old, less productive structures with new, more productive ones.
The model presents a rationale of how current adopters and potential adopters of a new product interact. The basic premise of the model is that adopters can be classified as innovators or as imitators, and the speed
Learning-by-doing is a concept in economic theory by which productivity is achieved through practice, self-perfection and minor innovations.An example is a factory that increases output by learning how to use equipment better without adding workers or investing significant amounts of capital.
In knowledge management economics, knowledge spillovers are non-rival knowledge market costs incurred by a party not agreeing to assume the costs that has a spillover effect of stimulating technological improvements in a neighbor through one's own innovation. [1] [3] Such innovations often come from specialization within an industry. [4]
Everett M. "Ev" Rogers (March 6, 1931 – October 21, 2004) was an American communication theorist and sociologist, who originated the diffusion of innovations theory and introduced the term early adopter.