Innovation Driven Growth: Analytical Issues and Policy Implications

Abstract

Innovation is changing. The production and commercialization of significant innovations such as the discovery of the transistor, the invention of antibiotics, or the introduction of organizational changes in the workplace has never been a simple task, devoid of risk. What has changed is our appreciation of the process of innovation. No longer do we view innovation as a linear progression from scientific research to discovery, to technological improvements, to finished products, to their diffusion across society. Today, innovation is regarded as a much broader phenomenon and recognized as comprising more complex and interactive processes.