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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.
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]
Induced innovation is a microeconomic hypothesis first proposed in 1932 by John Hicks in his work The Theory of Wages.He proposed that "a change in the relative prices of the factors of production is itself a spur to invention, and to invention of a particular kind—directed to economizing the use of a factor which has become relatively expensive."
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.
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 ...
The theory hypothesized the existence of very long-run macroeconomic and price cycles, originally estimated to last 50–54 years. In recent decades there has been considerable progress in historical economics and the history of technology, and numerous investigations of the relationship between technological innovation and economic cycles.
The triple helix model of innovation refers to a set of interactions between academia (the university), industry and government, to foster economic and social development, as described in concepts such as the knowledge economy and knowledge society.
Endogenous growth theory holds that investment in human capital, innovation, and knowledge are significant contributors to economic growth. The theory also focuses on positive externalities and spillover effects of a knowledge-based economy which will lead to economic development. The endogenous growth theory primarily holds that the long run ...