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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.
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.
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]
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 source of Schumpeter's dynamic, change-oriented, and innovation-based economics was the historical school of economics. Although his writings could be critical of that perspective, Schumpeter's work on the role of innovation and entrepreneurship can be seen as a continuation of ideas originated by the historical school, especially the work ...
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.
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.