Innovation economics is a growing economic doctrine that reformulates conventional economics theory so that knowledge, technology, entrepreneurship, and innovation are positioned at the center of the model rather than seen as independent forces that are largely unaffected by policy. Innovation economics is based on two fundamental tenets: that the central goal of economic policy should be to spur higher productivity through greater innovation, and that markets relying on input resources and price signals alone will not always be as effective in spurring higher productivity, and thereby economic growth.
This is in contrast to the two other conventional economic doctrines, neoclassical economics and Keynesian economics.
Read more about Innovation Economics: Historical Origins, Theory, Evidence, Geography, Worldwide Examples
Famous quotes containing the words innovation and/or economics:
“Both cultures encourage innovation and experimentation, but are likely to reject the innovator if his innovation is not accepted by audiences. High culture experiments that are rejected by audiences in the creator’s lifetime may, however, become classics in another era, whereas popular culture experiments are forgotten if not immediately successful. Even so, in both cultures innovation is rare, although in high culture it is celebrated and in popular culture it is taken for granted.”
—Herbert J. Gans (b. 1927)
“There is no such thing as a free lunch.”
—Anonymous.
An axiom from economics popular in the 1960s, the words have no known source, though have been dated to the 1840s, when they were used in saloons where snacks were offered to customers. Ascribed to an Italian immigrant outside Grand Central Station, New York, in Alistair Cooke’s America (epilogue, 1973)