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The theory was popularized by Everett Rogers in his book Diffusion of Innovations, first published in 1962. [1] Rogers argues that diffusion is the process by which an innovation is communicated through certain channels over time among the participants in a social system.
Innovation economics is new, and 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.
This model has been widely influential in marketing and management science. In 2004 it was selected as one of the ten most frequently cited papers in the 50-year history of Management Science. [3] It was ranked number five, and the only marketing paper in the list. It was subsequently reprinted in the December 2004 issue of Management Science. [3]
Jill Lepore, "What the Theory of 'Disruptive Innovation' Gets Wrong", The New Yorker, June 23, 2014. Igami, Mitsuru (2017). "Estimating the Innovator's Dilemma: Structural Analysis of Creative Destruction in the Hard Disk Drive Industry, 1981–1998". Journal of Political Economy. 125 (3): 798– 847. doi:10.1086/691524. S2CID 222427427.
In modern economics, creative destruction is one of the central concepts in the endogenous growth theory. [14] In Why Nations Fail , a popular book on long-term economic development, Daron Acemoglu and James A. Robinson argue the major reason countries stagnate and go into decline is the willingness of the ruling elites to block creative ...
This explains the non-linearity of learning-by-doing cost reduction, as seen for example in semiconductor manufacturing [3] or with solar PV production. [4] The concept of learning-by-doing has been used by Kenneth Arrow in his design of endogenous growth theory to explain effects of innovation and technical change. [5]
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 ...
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]