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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.
In 2012, the government recognized innovation as a long-term economic growth strategy by formulating the National Science, Technology, and Innovation Policy. Key focuses of the policy include: Human resource development; Endogenous technology development; Technology transfer; International cooperation in R&D
The knowledge economy, or knowledge-based economy, is an economic system in which the production of goods and services is based principally on knowledge-intensive activities that contribute to advancement in technical and scientific innovation. [1]
In 1967 Steven Weinberg [7] and Abdus Salam [8] incorporated the Higgs mechanism [9] [10] [11] into Glashow's electroweak theory, giving it its modern form. Nuclear energy Sultan Bashiruddin Mahmood a Pakistani nuclear engineer developed a device to detect heavy water leaks in nuclear steam cylinders while working at Knapp nuclear power reactor ...
In the simplest linear model of innovation the traditionally recognized source is manufacturer innovation. This is where a person or business innovates in order to sell the innovation. Another source of innovation is end-user innovation. This is where a person or company develops an innovation for their own (personal or in-house) use because ...
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 ...
In 1950, its per capita income was around $360 (in 1985 international dollars), and the literacy rate was only 10%. The nation encountered a lack of economic infrastructure, financial resources, and an industrial foundation, particularly with poverty rates ranging from 55% to 60% in the West Pakistan region.
Element 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.