Theory of Innovation A New Paradigm of Growth
The current economic theory of innovation mainly analyses the technology factor and its impact on economic growth. In today's world, growth in information technology and knowledge of new ideas has altered the business paradigm dramatically. Modern economi
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Theory of Innovation A New Paradigm of Growth
Theory of Innovation
Jati Sengupta
Theory of Innovation A New Paradigm of Growth
123
Jati Sengupta Department of Economics University of California, Santa Barbara College of Letters & Science Santa Barbara, CA, USA
ISBN 978-3-319-02182-9 ISBN 978-3-319-02183-6 (eBook) DOI 10.1007/978-3-319-02183-6 Springer Cham Heidelberg New York Dordrecht London Library of Congress Control Number: 2013948467 © Springer International Publishing Switzerland 2014 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. Exempted from this legal reservation are brief excerpts in connection with reviews or scholarly analysis or material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work. Duplication of this publication or parts thereof is permitted only under the provisions of the Copyright Law of the Publisher’s location, in its current version, and permission for use must always be obtained from Springer. Permissions for use may be obtained through RightsLink at the Copyright Clearance Center. Violations are liable to prosecution under the respective Copyright Law. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. While the advice and information in this book are believed to be true and accurate at the date of publication, neither the authors nor the editors nor the publisher can accept any legal responsibility for any errors or omissions that may be made. The publisher makes no warranty, express or implied, with respect to the material contained herein. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
That thou art Once on a full moon night I saw the moonlight dancing in the rain. All of a sudden He came out and stood in front full of smiles And joy. Stop not, Go Forward: said Sri Ramakrishna, my Ishta, my Ideal. May I follow him all my life. Jati Sengupta
Preface
Modern economies today have undergone a dramatic change, thanks to the upsurge of computer and communication technology. Technology frontier today is driven by the information frontier and innovation provides the key catalytic driving force. Schumpeter views innovation as challenges: challenge to the Walrasian competitive equilibrium, challenge to the modern entrepreneurs, and challenge to management. Managing innovations in many forms and adopting forwardl
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