98:
925:
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25:
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that a business's sole purpose is to generate profits for their shareholders, and companies that pursued other missions would be less competitive, resulting in fewer benefits to owners, employees and society. Yet, data over the past several decades shows that while profits matter, good firms supply
1442:
in the 1990s. Because the primary domain of innovation is commerce, the key data resides there, continually out of campus reach in reports hidden within factories, corporate offices and technical centers. This recusal still stymies progress today. Recent attempts at data transference have led not
1434:
However, some empirical studies investigating the innovation-performance-link lead to rather mixed results and indicate that the relationship is more subtle and complex than commonly assumed. In particular, the relationship between innovativeness and performance seems to differ in intensity and
1006:
introduced the notion of an innovation economy. He argued that evolving institutions, entrepreneurs and technological changes were at the heart of economic growth. However, it is only in recent years that "innovation economy," grounded in
Schumpeter's ideas, has become a mainstream concept".
1078:
that ignored the fragility of such assumptions, innovation economics aims for joint didactics between the two. As such, it enlarges the
Schumpeterian analyses of new technological system by incorporating new ideas of information and communication technology in the
1443:
least to the positive link (above) being upgraded to exact algebra between R&D productivity and GDP, allowing prediction from one to the other. This is pending further disclosure from commercial sources, but several pertinent documents are already available.
995:
this is the application of customer new technology into economic use; but also it could refer to the field of innovation and experimental economics that refers the new economic science developments that may be considered innovative. In his 1942 book
1049:
It is only in the 21st century that a theory and narrative of economic growth focused on innovation that was grounded in
Schumpeter's ideas has emerged. Innovation economics attempted to answer the fundamental problem in the puzzle of
1252:
In contrast to neoclassical economics, innovation economics offer differing perspectives on main focus, reasons for economic growth and the assumptions of context between economic actors:
2157:
1042:, not independent forces that are largely unaffected by policy. He argued that "capitalism can only be understood as an evolutionary process of continuous innovation and '
2295:
1173:
asserts, but innovative capacity spurred by appropriable knowledge and technological externalities. Economic growth in innovation economics is the end-product of:
35:
1249:
asserts that "the main goal of business is to develop new and innovative goods and services that generate economic growth while delivering benefits to society".
1113:
Leading theorists of innovation economics include both formal economists as well as management theorists, technology policy experts and others. These include
2332:
1392:
through heavy investment of R&D expenditures and personnel, patents and high-tech/service exports strengthened their innovation capacity. By linking the
1415:
also asserted that since the end of the 1970s the U.S. has gained a disproportionate share of the world's wealth through their aggressive pursuit of
1977:
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46:
1535:
become "innovative spaces" and "cradles of creativity" as drivers of innovation. They become essential to the system of innovation through the
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1146:
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2300:
1880:(2009) «Schumpeter's Business Cycles and Techno-economic Paradigms», in Wolfgang Drechsler, Erik Reinert and Rainer Kattel (Eds.)
2052:"What drives patent performance of German biotech firms? The impact of R&D subsidies, knowledge networks and their location"
1345:
Empirical evidence worldwide points to a positive link between technological innovation and economic performance. For instance:
1301:
Despite the differences in economic thought, both perspectives are based on the same core premise, namely the foundation of all
2455:
2223:
Mark, M.; Katz, B.; Rahman, S.; Warren, D. (2008). "MetroPolicy: Shaping A New
Federal Partnership for a Metropolitan Nation".
991:. It comprises both the application of any type of innovations, especially technological, but not only, into economic use. In
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107:
2029:"The effect of applied research institutes on invention: Evidence from the Fraunhofer centres in Europe"
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was one of the first and most important scholars who extensively tackled the question of innovation in
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utilization is optimized. Whatever the factors, it nonetheless leads to the same situation of special
1289:
Innovative capacity and free enterprise to create more effective processes, products, business models
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that states a
Knowledge editor's personal feelings or presents an original argument about a topic.
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as diverse population of varying occupations, ideas and skills, high and differentiated level of
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significance across empirical contexts, environmental circumstances and conceptual dimensions.
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1066:. Hence, innovation economics focused on a theory of economic creativity that would impact the
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Salge, T. O.; Vera, A. (2009). "Hospital innovativeness and organizational performance".
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1978:"A Friedman doctrine—; The Social Responsibility Of Business Is to Increase Its Profits"
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Technological
Innovation and Economics Performance. A Council of Foreign Relations Book
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sector, establishing incentives for innovative activities and balancing the import of
1106:. It provides an economic framework that explains and helps support growth in today's
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Innovation economists believe that what primarily drives economic growth in today's
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2009:
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Ahlstrom, D. (2010). "Innovation and Growth: How
Business Contributes to Society".
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Innovation economics emerges from other schools of thought in economics, including
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Innovation
Economics in practice for city/regional growth and economic development
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Johnson, Bjorn (2008). "Cities, systems of innovation and economic development".
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All of the above has taken place in an era of data constraint as identified by
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for productive activities and diversified production structures that spawn
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between 1981 and 2004, but especially in the 1990s. Their development of a
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far more, particularly in bringing innovation to the market. This fosters
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partners and close cognitive distance of collaborative partners within a
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While innovation is important, it is not a happenstance occurrence as a
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Innovation
Economics: The Integration and Capitalization of Knowledge
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509:
89:
1915:
The
Economics of Innovation, New Technologies, and Structural Change
1882:
Techno-economic Paradigms: Essays in Honor of Carlota Perez, p. 126.
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and constant recreation of urban order especially infrastructure of
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as regions focus on their unique assets to spur innovation (i.e.
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2276:
Innovation Economics: The Economic Doctrine for the 21st Century
1423:
Concisely, evidence shows that innovation contributes to steady
1404:
and indigenous R&D effort, both countries experienced rapid
1206:
systems of innovation that create innovative environments (i.e.
2093:"Innovation capacity and economic development: China and India"
1712:
1671:
1636:
1572:
1564:
1556:
1532:
1512:
1366:
1354:
1185:
912:
2191:
Griliches. Z ‘Productivity, R&D, and the Data Constraint’
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that emphasized the fragility of conventional assumptions and
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1717:
1515:) essentially fuel national economies through their pools of
1504:
1496:
1385:
1381:
1322:
2285:
36:
personal reflection, personal essay, or argumentative essay
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2225:
Brookings Institution: Metropolitan Policy Program Report
1377:
1555:
and hence innovation. In addition, they grow due to the
1313:
of factors and the measure of success is how well the
2049:
2222:
1479:, location has become a key element in establishing
1070:and organization decision-making. Hovering between
2281:Books and Journal Articles on Innovation Economics
2247:
1333:, innovation economics can find fertile ground in
2139:
1058:could no longer be explained only in increase of
2852:
2140:Steil, B.; Victor, D. G.; Nelson, R. R. (2002).
1062:used in the production process as understood in
2340:
1908:
1906:
1904:
1278:Productive factor accumulation (capital, labor)
2050:Fornahl, D.; Broekel, T.; Boschma, R. (2011).
2026:
1995:
1993:
1337:, rather than remain in diametric contention.
1295:Institutions of research, government, society
1275:Market price signals in using scarce resources
2326:
2204:Farrell C.J.‘Economics, R&D and Growth',
1936:
1934:
949:
2296:Business Week Podcast – Innovation Economics
1943:Innovation: Management, Policy, and Practice
1901:
1686:College of Nanoscale Science and Engineering
1990:
1459:are, but a deliberate, concerted effort of
2333:
2319:
1931:
1897:(6th ed.). Routledge. pp. 81–84.
1892:
1369:performance in various industries such as
956:
942:
2195:, Vol. 84, No. 1, (March 1994) pp. 1 – 23
2154:
2116:
2075:
1912:
1831:"The 3 Pillars Of The Innovation Economy"
1376:Innovation capacity explains much of the
1281:Individuals and firms behaving in vacuum
65:Learn how and when to remove this message
1999:
1975:
1856:Theorie der wirtschaftlichen Entwicklung
1940:
1292:Knowledge/technology (R&D, patents)
1241:gains and other society-wide benefits.
2853:
2090:
2496:Marxian critique of political economy
2314:
2245:
1828:
1582:
1026:, Schumpeter contended that evolving
1010:
1895:Capitalism, Socialism, and Democracy
18:
2250:Knowledge and the Wealth of Nations
1976:Friedman, M. (September 13, 1970).
1865:Capitalism, Socialism and Democracy
1829:Hoque, Faisal (February 18, 2013).
1503:that carry multiple clusters (i.e.
999:Capitalism, Socialism and Democracy
13:
2239:
2171:10.1097/01.HMR.0000342978.84307.80
2002:Academy of Management Perspectives
1180:regimes and policies allowing for
1022:. In contrast to his contemporary
14:
2887:
2269:
2097:Economic Change and Restructuring
2800:History of macroeconomic thought
2625:Neoclassical–Keynesian synthesis
2077:10.1111/j.1435-5957.2011.00361.x
1329:. Thus, while the two differ in
923:
911:
96:
23:
2291:Innovation Economics Roundtable
2216:
2198:
2185:
2148:
2133:
2084:
2043:
1177:knowledge (tacit vs. codified);
198:Concepts, theory and techniques
2027:Llanos-Paredes, Pedro (2023).
2020:
1969:
1886:
1871:
1848:
1822:
1800:International Innovation Index
1539:as ready, available, abundant
1:
2790:Critique of political economy
2158:Health Care Management Review
2144:. Princeton University Press.
1815:
1357:subsidies to joint projects,
971:is new, and growing field of
2698:Rational expectations theory
1446:
1413:Council of Foreign Relations
1203:between collaborative firms;
1054:growth. Continual growth of
7:
2795:History of economic thought
2342:Schools of economic thought
1955:10.5172/impp.453.10.2-3.146
1862:(1939) and the most famous
1768:
1349:The drive of innovation in
1340:
1104:neo-Schumpeterian economics
1088:new institutional economics
10:
2892:
2715:New neoclassical synthesis
2703:Real business-cycle theory
2301:Business Models Innovation
2056:Papers in Regional Science
1893:Schumpeter, J. A. (1943).
1390:National Innovation System
1365:. These factors increased
1188:expenditures, permits and
2782:
2526:
2414:
2381:
2374:
2348:
2109:10.1007/s10644-010-9088-2
1156:
1052:total factor productivity
2193:American Economic Review
2099:(Submitted manuscript).
1096:endogenous growth theory
186:JEL classification codes
2825:Post-autistic economics
1983:New York Times Magazine
1499:). Even more, thriving
1163:knowledge-based economy
372:Industrial organization
229:Computational economics
2871:Macroeconomic theories
2563:Modern Monetary Theory
1913:Antonelli, C. (2003).
1810:Neoclassical economics
1738:Automotive engineering
1631:Research Triangle Park
1593:information technology
1501:metropolitan economies
1485:information technology
1477:economic restructuring
1171:neoclassical economics
1100:evolutionary economics
981:experimental economics
224:Experimental economics
45:by rewriting it in an
2647:Keynes–Marx synthesis
2246:Warsh, David (2006).
1917:. London: Routledge.
1692:Precision engineering
1481:competitive advantage
1471:and effective use of
1184:and innovation (i.e.
1038:were at the heart of
2861:Innovation economics
2835:World-systems theory
2815:Mainstream economics
2755:Technocracy movement
2735:Saltwater/freshwater
1805:Metropolitan economy
1780:Economic development
1417:technological change
1335:mainstream economics
1331:theoretical concepts
1327:production processes
1167:capital accumulation
1044:creative destruction
1036:technological change
969:Innovation economics
451:Social choice theory
2820:Heterodox economics
2548:Capability approach
2424:American (National)
2406:School of Salamanca
2091:Peilei, F. (2011).
2068:2011PRegS..90..395F
2033:Research Evaluation
2014:10.5465/amp.24.3.11
1878:Christopher Freeman
1785:Keynesian economics
1613:in Northern Ireland
1321:, varying relative
1222:In 1970, economist
1151:Christopher Freeman
1072:heterodox economics
1024:John Maynard Keynes
993:classical economics
918:Business portal
239:Operations research
219:National accounting
2456:English historical
2210:2019-06-01 at the
1755:Digital Media City
1651:Financial products
1583:Worldwide examples
1408:in recent decades.
1216:metropolitan areas
1076:orthodox economics
1068:theory of the firm
1011:Historical origins
249:Industrial complex
244:Middle income trap
47:encyclopedic style
34:is written like a
2848:
2847:
2810:Political economy
2778:
2777:
2710:New institutional
2683:Neo-Schumpeterian
2491:Marxist economics
2471:German historical
2261:978-0-393-05996-0
1790:Knowledge economy
1742:Baden-Württemberg
1727:manufacturing in
1633:in North Carolina
1457:natural resources
1429:per capita income
1299:
1298:
1135:Richard R. Nelson
1108:knowledge economy
1092:new growth theory
1064:industrialization
1016:Joseph Schumpeter
1004:Joseph Schumpeter
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965:
75:
74:
67:
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2840:Economic systems
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2361:Medieval Islamic
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1753:technologies in
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1653:and services in
1473:geographic space
1396:sector with the
1258:Economic thought
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1254:
1182:entrepreneurship
989:entrepreneurship
983:that emphasizes
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2356:Ancient schools
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2240:Further reading
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1949:(2/3): 146–55.
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1696:South Yorkshire
1674:, Massachusetts
1641:Energy Corridor
1623:High-technology
1617:Start-up Nation
1585:
1561:consumer demand
1449:
1425:economic growth
1406:economic growth
1353:was due to the
1343:
1303:economic growth
1243:Business school
1235:economic growth
1224:Milton Friedman
1159:
1127:W. Brian Arthur
1119:Elhanan Helpman
1040:economic growth
1013:
973:economic theory
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519:de Mandeville
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382:Institutional
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332:Expeditionary
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322:Environmental
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152:International
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128:Branches and
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55:February 2015
48:
44:
38:
37:
32:This article
30:
21:
20:
2595:Evolutionary
2527:Contemporary
2506:Neoclassical
2451:Distributist
2396:Mercantilism
2383:Early modern
2249:
2228:
2224:
2218:
2200:
2192:
2187:
2162:
2156:
2150:
2141:
2135:
2100:
2096:
2086:
2059:
2055:
2045:
2036:
2032:
2022:
2008:(3): 11–24.
2005:
2001:
1981:
1971:
1946:
1942:
1914:
1894:
1888:
1881:
1873:
1863:
1859:
1855:
1850:
1840:December 16,
1838:. Retrieved
1835:Fast Company
1834:
1824:
1684:, New York (
1475:. In global
1469:policymakers
1465:institutions
1450:
1437:
1433:
1427:and rise in
1422:
1344:
1307:optimization
1300:
1272:Neoclassical
1251:
1227:
1226:said in the
1221:
1160:
1123:Bronwyn Hall
1112:
1085:
1048:
1028:institutions
1014:
1002:, economist
997:
968:
967:
888:Publications
853:
476:Sociological
449: /
347:Geographical
327:Evolutionary
302:Digitization
267:Agricultural
171:Mathematical
142:Econometrics
61:
52:
33:
2750:Supply-side
2673:Neo-Marxian
2486:Marginalism
2416:Late modern
2401:Physiocrats
2118:10419/63470
1763:South Korea
1682:Tech Valley
1557:demand side
1537:supply side
1311:utilization
724:von Neumann
377:Information
317:Engineering
297:Development
292:Demographic
234:Game theory
176:Methodology
2876:Innovation
2855:Categories
2730:Regulation
2656:Monetarism
2642:Circuitism
2590:Ecological
2558:Chartalism
2538:Behavioral
2481:Manchester
2476:Malthusian
2434:Birmingham
2391:Cameralism
2375:Modern era
2349:Pre-modern
2254:. Norton.
1816:References
1795:Innovation
1721:locomotive
1521:innovation
1402:technology
1380:growth in
1319:endowments
1286:Innovation
1245:professor
1239:employment
1197:spillovers
1115:Paul Romer
985:innovation
883:Economists
754:Schumacher
659:Schumpeter
629:von Wieser
549:von Thünen
510:economists
486:Statistics
481:Solidarity
402:Managerial
367:Humanistic
362:Historical
307:Ecological
272:Behavioral
166:Mainstream
2805:Economics
2740:Stockholm
2615:Keynesian
2580:Cracovian
2529:(20th and
2518:Socialist
2501:Mutualism
2444:Ricardian
2439:Classical
1553:synergies
1447:Geography
1020:economics
799:Greenspan
764:Samuelson
744:Galbraith
714:Tinbergen
654:von Mises
649:Heckscher
609:Edgeworth
427:Personnel
387:Knowledge
352:Happiness
342:Financial
312:Education
287:Democracy
181:Political
147:Heterodox
90:Economics
2830:Degrowth
2765:Virginia
2605:Freiburg
2600:Feminist
2553:Carnegie
2543:Buddhist
2511:Lausanne
2466:Georgism
2429:Austrian
2231:: 4–103.
2208:Archived
2179:19104264
2127:53555230
1963:20510519
1858:(1911),
1769:See also
1619:, Israel
1603:Fintechs
1398:business
1341:Evidence
1267:Context
1208:clusters
1190:licenses
1147:Keun Lee
892:journals
878:Glossary
829:Stiglitz
794:Rothbard
774:Buchanan
759:Friedman
749:Koopmans
739:Leontief
719:Robinson
604:Marshall
508:Notable
456:Regional
432:Planning
407:Monetary
337:Feminist
282:Cultural
277:Business
82:a series
80:Part of
2783:Related
2570:Chicago
2064:Bibcode
1868:(1942).
1746:Germany
1729:Beijing
1647:, Texas
1645:Houston
1611:Belfast
1565:streets
1547:, good
1541:capital
1509:Chicago
1461:markets
1394:science
1371:biotech
1363:cluster
1359:network
1355:R&D
1351:Germany
1309:of the
1305:is the
1186:R&D
1165:is not
977:applied
898:Schools
890: (
849:Piketty
844:Krugman
709:Kuznets
699:Kalecki
674:Polanyi
564:Cournot
559:Bastiat
544:Ricardo
534:Malthus
524:Quesnay
496:Welfare
466:Service
137:Applied
113:Outline
108:History
41:Please
2661:Market
2258:
2177:
2125:
1961:
1921:
1713:Brazil
1672:Boston
1637:Energy
1573:energy
1533:Cities
1513:London
1367:patent
1323:prices
1315:factor
1264:Growth
1157:Theory
1060:inputs
1056:output
834:Thaler
814:Ostrom
809:Becker
804:Sowell
784:Baumol
689:Myrdal
684:Sraffa
679:Frisch
669:Knight
664:Keynes
639:Fisher
634:Veblen
619:Pareto
599:Menger
594:George
589:Jevons
584:Walras
574:Gossen
442:Public
437:Policy
392:Labour
357:Health
214:Market
2637:Post-
2123:S2CID
1959:S2CID
1759:Seoul
1733:China
1718:Train
1545:labor
1505:Tokyo
1497:Seoul
1491:, or
1386:China
1382:India
1261:Focus
871:Lists
839:Hoppe
824:Lucas
789:Solow
779:Arrow
769:Simon
734:Lange
729:Hicks
704:Röpke
694:Hayek
644:Pigou
614:Clark
529:Smith
491:Urban
471:Socio
461:Rural
161:Macro
157:Micro
118:Index
2620:Neo-
2256:ISBN
2229:2008
2175:PMID
1919:ISBN
1854:See
1842:2018
1723:and
1670:and
1625:and
1605:and
1591:and
1575:and
1543:and
1527:and
1511:and
1411:The
1384:and
1325:and
1214:and
1199:and
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