Theory of innovation: 7 books about how new technologies impact the global economy

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How is innovation integrated into the economy and how to control them effectively?

"The Economics of innovation: introduction" Peter Swan

The author is doctor of Economics and honorary Professor at the University of Nottingham Peter Swan believes innovation is one of the most important economic and business phenomena of our time. The book answers key questions about the integration of new technologies and industries in the economic system. In terms of the basic laws of Economics, Swan explains what is the prerequisites for the emergence and development of innovations, as their right to classify, identify potential, and the role of the state in this process. The work consists of six sections: from the formulation of the concept of innovation and aspects of their appearance in the business methods of interaction with the consumer.

Jeti Sengupta

Traditionally, economic theory draws attention to the specific technology and its economic potential. But, according to the Jeti Sengupta, Professor, University of science and technology Iowa state, the constant development of the IT industry has changed the business paradigm. The transition from material production for communication tools increased the value of the information, including in the process of creation and development of innovation. In the new model of growing the business community and the scientific consortium is seen as a way to reduce the cost of projects and increase their efficiency. According to the author, is now the key for the development of innovative industries is the exchange of knowledge and cooperation, which confirms the experience of the United States and countries in the South Asian region.

Nathan Rosenberg

This book was published in 1983 and is one of the first attempts by economists to understand the phenomenon of the emergence and spread of new technologies. Its author is Nathan Rosenberg tells how emerged in the twentieth century innovations gave economists a layer of the fundamental issues they are dealing with so far. Among them — understanding how the story develops technical progress, as it is intertwined with the American economy, and market demands will affect innovation, and what leads to the spread of technology in different countries of the world.

Joshua Lerner

Innovation is one of the most commonly used modern concepts. However, when it comes to the development and implementation of specific ideas, many companies fall into a stupor: plans and preferences of consumers, change, and proven methods don't work. Josh Lerner, Professor at Harvard business school and an expert on innovation management, believes that the key to success exists, and it is economic incentives. A scientist explains how, using the principles of organizational Economics, to create a proper system of incentives, to predict the time of investment and to create, implement innovations need the infrastructure.

Bronwyn Hall, Nathan Rosenberg

The question how to promote the technologies involved and theorists, and practice of IT-business. "Handbook" is a collection of articles representing the view of economists on this issue. Considering the variety of new technologies and their industrial applications, governmental policies and historical trends, the authors provide a guide to action, which describes the new role of innovation in economic development. To determine the promotional tools of new knowledge, they know how to construct a modern scientific-research and experimental-design work, assess its effectiveness, examine the legislation in the field of technology, patent statistics and so on.

Mariana Mazzucato

Mariana Mazzucato is Professor of Economics at the University of Sussex and one of the most influential thinkers in the field of innovation for the us magazine The New Republic. In her book she addresses the important topic of the role of the state in the emergence of innovations. Matsukata examines the participation of the authorities in the development of biotechnology, pharmaceutical companies and green revolution, and examines case studies of projects in Silicon valley from this point of view. It's about the fact that every technology, for example, makes the iPhone so smart — the Internet, GPS or touch-screen, was created by the state. As the markets that have sprung up specifically to promote new opportunities and industries. Financial Times called this work "Book of 2013" and Forbes included it in the must-read list for those interested in the subject.

Edmund Phelps

In his book, Nobel laureate in Economics Edmund Phelps is looking for the cause of the prosperity of the masses and comes to the conclusion that his sources are now under threat. Industrial development 1820-1960 years has led not only to wealth creation and improving welfare, but also to the formation of true engines of innovation — the universal desire to explore, change and create. The majority of innovations came into society not because of individual personalities like Ford and jobs, but because millions are able to think of individuals who rethink existing and developed new products and then brought them to the mass market. Thus, mass innovation led to mass prosperity. After the 60's, Phelps observes a decrease of the dynamics of innovation activities in the US and Europe due to the change of the concept of individualism in the so-called corporatism. The official policy of the West that puts the community and the state above the individual, according to the scientist, reduces the level of human creativity in General, seriously hinders the process of innovation, fundamentally changing people's lives.



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