Innovation, Technology, And Innovation Essay

Innovation, Technology, And Innovation Essay

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In addition to invention process, innovation is an important process for countries to level up their technology capacity. Innovation process is more complex and more organized compare to invention due to the fact that invention may accidently take place. On the contrary, innovation should be planned and needs more effort to enhance technology and research which are important to increase innovative activities in countries.
Fagerberg pointed out that innovation is helpful for low- income countries to catch up high income countries.
“ variables related to the development of the broader “innovation” system, such as educational efforts, the research infrastructure and innovative activity, are indeed important for whether a low-income country manages to exploit the potential for catch up or – alternatively – falls behind. “ (Fagerberg & B., 2003, p. 10)
Moreover, Fagerberg, Nelson and Phelps ( 1966) claimed that the reason behind the growth difference of countries is innovation and diffusion of technology. Diffusion of knowledge provides countries to increase knowledge and enables to use technologies although inventions took place in other parts of the world.
The research of Freeman and Soete specified the importance of science, technology and innovation (STI) and diffusion of knowledge. The empirical analysis in the paper of Freeman and Soete illustrated the link between diffusion of knowledge and development.
“STI indicators today play, in interaction with these shifts in global demand, a crucial role in national policy debates about science, technology and innovation. Many economists now believe that the largest part of world-wide growth and development over the last 10 years has been associated with an acceleration in the diffusi...

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...and to use acquired technologies from abroad. However, high- tech strategy can generate new technologies and provide high level of investment in research and development departments. In the context of sensitivity of these development strategies towards politic uncertainties differ from each other as that low- tech strategy is more durable to both calculable and incalculable risks. Because low- tech firms have limited involvement in international trade and limited relation with government activities. However, medium- tech strategy and high- strategy are more sensitive to calculable and incalculable risks due to the fact that both strategies involve in international trade and have strong relationship with government. Additionally, infrastructure, education and judiciary system are necessity of these two strategy which make more fragile to changes in political sphere.

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