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Innovation economists believe that what primarily drives economic growth in today's knowledge-based economy is not capital accumulation as neoclassical economics asserts, but innovative capacity spurred by appropriable knowledge and technological externalities. Economic growth in innovation economics is the end-product of: [5] [6]
Technological innovation is an extended concept of innovation.While innovation is a rather well-defined concept, it has a broad meaning to many people, and especially numerous understanding in the academic and business world.
The concept of a technological innovation system was introduced as part of a wider theoretical school, called the innovation system approach. The central idea behind this approach is that determinants of technological change are not (only) to be found in individual firms or in research institutes, but (also) in a broad societal structure in which firms, as well as knowledge institutes, are ...
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 ...
Technological change (TC) or technological development is the overall process of invention, innovation and diffusion of technology or processes. [1] [2] In essence, technological change covers the invention of technologies (including processes) and their commercialization or release as open source via research and development (producing emerging technologies), the continual improvement of ...
In times of small and incremental technological change, increasing returns to scale tend to accentuate economic leadership. However, at times of a radical innovation and major technological breakthrough, economic leadership, since it also implies high wages, can deter the adoption of new ideas in the most advanced countries.
Gordon's (2013) analysis of productivity in the U.S. gives two possible surges in growth, one during 1891–1972 and the second in 1996–2004 due to the acceleration in Moore's law-related technological innovation. [132] Improvements in productivity affected the relative sizes of various economic sectors by reducing prices and employment.
Technology is seen as primary source in economic development. [8] Technology advancement and economic growth are related to each other. The level of technology is important to determine the economic growth. It is the technological process which keeps the economy moving.