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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.
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."
Definition Innovation Innovation is a broad category, relative to the current knowledge of the analyzed unit. Any idea, practice, or object that is perceived as new by an individual or other unit of adoption could be considered an innovation available for study. [15] Adopters Adopters are the minimal unit of analysis.
This is the point in time when people started to talk about technological product innovation and tie it to the idea of economic growth and competitive advantage. [40] Joseph Schumpeter (1883–1950), who contributed greatly to the study of innovation economics, is seen as the one who made the term popular. Schumpeter argued that industries must ...
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.
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 ...
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 ...
Indeed, as innovation is increasingly based on scientific knowledge, the role of universities as creators of knowledge is more valued. [17] As a result, he argues that university, industry and government are more equal, [ 5 ] and that no particular element is necessarily the driving force of the triple helix model of innovation.