Innovative Economic

  • 21st Sep'20
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The only way to uncover the limits of the possible is to go beyond them into the impossible.

Innovation is a crucial driver of economic progress that helps consumers, businesses and the economy as a whole.

Innovation economics is defined as growing economic theory that emphasizes entrepreneurship, economy and innovation. The notion of an innovation economy was introduced by economist Joseph Schumpeter in his 1942 book Capitalism, Socialism and Democracy. He introduced and argued about the evolving institutions entrepreneurs and technological changes were at the heart of economic growth lies. However, in the recent era, the innovation economy is rooted in Schumpeter's ideas and has become a mainstream concept.

 

Economic Aspect of Innovation 

Innovation is the action of people and organizations to change themselves and the atmosphere. It means breaking schedules and dominant ways of thinking and introducing new aspects and behaviours, launching new standards. Innovation is considered to be a vital aspect of innovation. 

 

Visit the links to read and know about the economic aspect of innovation.

How innovation drives economic growth:

https://medium.com/ciie/how-innovation-will-drive-the-economic-growth-of-a-country-like-india-f286fd8c97c9

 

Role on innovation on economic growth:

http://uir.unisa.ac.za/handle/10500/5809

 

Economic aspect of innovation:

https://www.wipo.int/wipo_magazine/en/2015/06/article_0004.html

 

Impact of Innovation on Economic Growth 

Innovation is the key element contributing to economic growth. It is believed that innovation can lead to elevated productivity, which means that the same input generates a tremendous output. As productivity surges, more goods and services are produced and thus, the economy grows.

 

Read the links below to understand the impact of innovation on economic growth.

Technological innovation and economic growth:

https://www.mercatus.org/publications/entrepreneurship/technological-innovation-and-economic-growth

 

Innovation leads to growth:

https://www.ecb.europa.eu/explainers/tell-me-more/html/growth.en.html

 

Impact of innovation on the economy:

https://www.tandfonline.com/doi/full/10.1080/1331677X.2017.1398099

 

Innovation drives economic growth:

https://www.gsb.stanford.edu/insights/how-innovation-drives-economic-growth

 

Innovative Economy Across the Globe

The global discussion centered around the ability of nations to innovate in the face of changing times. An economy’s response to megatrends, such as tech breakthroughs and the risks of climate change, can enact its long-term success.

 

Click on the links to know about the innovative economy across the globe.

The most innovative economy of the world:

https://www.weforum.org/agenda/2020/02/most-innovative-economies-global/

 

10 most innovative countries:

https://www.businessinsider.com/these-are-the-10-most-innovative-countries-bloomberg-says-2020-1

 

The innovative economy of the world:

https://www.aumanufacturing.com.au/ranked-the-most-innovative-economies-in-the-world

 

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Sources/References:

*Note: The content published above was made in collaboration with our members.

About the author:

Sareen Yasmin, OpenGrowth Content Team

"I believe my fingers can transform thoughts into immortal memories and lessons for the rest of the world."

Her passion includes creative writing, reading and playing around words. She is looking forward to bringing some change with the power of pen and thoughts. Mic and pen are her best friends.


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