The Western growth systems: the role of innovations

Type :

Presentation

Pages :

8 pages

Format :

.doc

Published date :

01/19/2009

Category :

Economics & finance

Sub category :

Economics

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Summary :

Historical observations and theoretical explanations on the role of innovation in the economy.
1. Attempt to define an innovation.
2. Innovations and industrial Revolutions.
3. The theory.
The importance of innovation in today's economy (Western economies).
1. Innovations are seen as a driver for growth.
2. For companies.
3. At the countries level.
Conclusion.
References.

Abstract

Joseph Alois Schumpeter (1883 - 1950) is one of the most well known economists of the XXth century, namely thanks to its work on innovations. One of the theories he develops is the one called creative destruction. So, in our study of the western growth systems and the role of innovations in this system, we will start with a historical and theoretical analysis, and then develop the importance of Innovation in today's western economy. Usually, an innovation may be defined as the process of making improvements by introducing something new, or also the successful exploitation of new ideas. In addition, innovations can be innovations of products, services or processes. Also, to differentiate the innovation, from the invention, today's theories tend to consider that the innovation must add value. So, an invention can become an innovation only if someone implements it with success for example to improve efficiency, or productivity in a process, or simply by selling this innovative product or service.