For centuries now the subject of innovation has given ground for much discussion and debate. In its wider context economic historians and sociologists have theorised and argued its contribution to economic growth and society in general, nevertheless, many have termed innovation as the ‘engine of growth.’ Therefore, to appreciate the extent of benefit that innovation can offer business this introduction begins with some of these theories. Famous names such as, Karl Marx, Joseph Schumpeter, and Nicolai Kondratieff respectively, which are seen by many as experts in their field have all, in their own manner, cited innovation and technological progress as the stimulus for economic growth. However, it was Marx who first realised that economic growth could be associated to innovation, and innovations and entrepreneurs were the drivers of technological progress. Given that one new innovation by an entrepreneur or inventor can open up a new profit stream which then persuades another of their kind to innovate, thus providing new wealth and increasing profits in the economy as a whole, which in turn drives growth. More recently Kondratieff using his ‘long-wave theory of innovation’ demonstrated how innovation was responsible for major eras of economic growth and technological development. He described this as a series of wave-like peaks and troughs each lasting between forty or fifty years, which span prosperity during peak periods of innovation and technological progress, and as this recedes a gradual recession into a trough of depression exists. For instance he observes over the la...
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...sign training called the T-shaped designer a new way of design thinking by using design processes and methods to foster innovation and grow business – design is a way of thinking. The stem of the T is the depth of knowledge in their specialist subject while the horizontal cap of the T represents the breadth – their ability to make their method, skills and thinking work in a different context. This has led some American schools and university to change their approach to design schooling. In the United Kingdom new courses from centres of excellence are to be offered with a hands-on and multidisciplinary classes combining management studies, engineering, technology and design creativity. All this is positive for business and UK design as heading into the 21st century the need for innovative products will grow as global business becomes even greedier for new things.
The free dictionary online defines knowledge as “an awareness, consciousness, or familiarity gained by experience or learning”. Power, on the other hand, means “the ability or official capacity of a person, group or nation to exercise great influence or control and authority over others”. In Voltaire’s “Candide”, Goethe’s “Faust”, and Shelley’s Frankenstein, the quest for more knowledge and power sets the stage for the story yet the characters, Candide, Frankenstein, and Faust remain unhappy after acquiring the much desired knowledge and power. It can be said, therefore, that knowledge, and even money, often times twists and corrupts the mind because of the control (power) it gives people over others.
Mokyr, Joel. The Lever of Riches: Technological Creativity and Economic Progress. Oxford University Press, 1990.
The Industrial Revolution is a major turning point in mankind's history. It is no more viewed as the drastic change that its name prescribes, for it was the consequence of an economic evolution that began in the sixteenth century. However, the eighteenth century does speak to an unequivocal change in innovation technology and the growth of economy. The acclaimed inventions–the spinning jenny, the steam engine, coke smelting, thus forth–deserve their eminence, for they mark the begin of a process that has conveyed the West, in any event, to the mass thriving of the twenty-first century. The motivation behind this article is to identify what happened in the eighteenth century, in Britain, and how the methodology of their invention has converted the world.
In the article “Difference Between ‘Invention’ and ‘Innovation’”, Tom Grasty claims that invention is creating a new thing, while innovation is making change and contributing something new based on existing things. I agree with him. “Invention” is to create something from nothing, and it emphasizes “the first”; “innovation” is to make something better. Moreover, since every company has different status and resources, “innovation” might not be the first one, but it could not be exactly the same. Another point is that we can distinguish inventions from their positive and negative impact. The positive one is like computer, which improves technology development; the negative one, like computer virus, destroys people’s data. However, “innovation”
Stanford University held a boot camp: Design Thinking Boot Camp: From Insights to Innovation. This boot camp was held at The Hasso Plattner Institute of Design, and offered a three day immersive program that was specifically aimed for executives. It provide the opportunity o learn the concept of “design thinking”. In this boot camp the speaker educated the attendees on the different avenues of design thinking, and how they can
Arrow, Kenneth. "Economic welfare and the allocation of resources for invention." The rate and direction of inventive activity: Economic and social factors. Nber, 1962. 609-626.
Reading the article, I found it interesting and quite informative. There is little doubt that innovation has played a major role in fostering America’s prosperity. From the days of Thomas Edison to this age of Apple and Google, innovation has been at the forefront of opening up new economic frontiers. Any movement, therefore, that seeks to foster the spirit innovation is highly
Defining ”innovation”could be rather a difficult task as it is a “multi-faceted phenomenon”, and a widely u...
When you think about the word ‘innovation’ in the context of history, it could be considered an oxymoron – new ideas born centuries ago that persuade the way we operate today. When reflecting on history, innovation might be defined as a survival technique; a method of self-preservation with high risks for failure looming in the background. History shares several examples of innovation that in some instances produce total shifts in paradigms. “Modern strategic organizations” employed by Napoleon Bonaparte, Emperor of France, during the French Revolution wer...
Gorodnichenko, Y. and Roland, G. (2011, December 27). Individualism, innovation, and long-run growth. PNAS, (Vol): 104, suppl. 4. Retrieved from http://www.pnas.org/content/108/Supplement_4/21316.full.pdf
Humans, as a society, are surrounded by the areas of knowledge which surrounds society and develop intelligence. Invention is a result of human intelligence but discovery is unleashing what already exists. Areas of knowledge consist of many ideas. These areas are either invented or discovered. Invention and discovery formulate the different areas of knowledge. Discovered areas of knowledge include science, history and mathematics. Invented area of knowledge is the arts.
Mandeville, T. (1998). An information economics perspective on innovation. International Journal of Social Economics, 25 (2), 357-364. Retrieved March 11, 2011, from: http://www.
The focus of this paper will be on using quantitatively analysing innovation’s effect on economic development and country-wise prospects of future growth
Theoretical model of modern economic growth shows that long-term economic growth and raise the level of per capita income depends on technological progress. This is because of without technological progress and with the increase of capital per capita, marginal returns of capital would diminish and output per capita growth would eventually stagnate (Solow, 1956; Swan, 1956). Studies have shown that “experience, skills and knowledge in the long-term economic growth is playing an increasingly important role” (World Bank, 1999). Despite how technological progress work on economic growth, and how there are different views on the role of in the end, but I am afraid no one would deny that technical progress in the important role of economic development. In this sense, for a country to achieve long-term economic growth, we must continue to promote technological progress. However, economic growth theory is analyzed in general, and usually under the assumption that in the closed economy, and technological progress in a country not normally have taken place in various departments at the same time, and now the economy are often increasingly open economy. In this way, the technological progress in different economic impact on a country may be quite different. In addition, we assume that technological progress is Hicks neutral, is to an industry in itself, but technological progress also reflects the establishment of new industries and development. The new industries and technology-intensive industries generally older than the high, the use of less labor. Even the old industries, the general trend of technological progress is labor-saving.
1).Innovation Management:Innovation Management is the form of looking into future, of being creative, imaginative .It is used in the growth of product and also organizational innovation. It also includes tools which allows higher management & engineers to communicate with basic understanding of goals and its processes .Its main focus is to allow the organization to react quickly occurring within an organization, using its efforts to implement new ideas or its products. It also involves persons in contributing to the development of the companies manufacturing and also its marketing. Through development also innovation process can be done. There are two types of process involved in innovation management one is pulled and the other is pushed. Pushed process is the one in which the organization uses its technology to discover profitable applications. Pulled process is the one in which the focus is mainly in developing the efforts to find the solutions. There are two phases in innovation management .First phase includes design of the innovation and second phase includes the implementation. Internal bench marking can be established to measure the innovation. Managers should focus on ones attention on innovation cause to be necessary to infer something from information received on the complexity.