Innovation and the Conditions of Economic Progress

J. Stanley Metcalfe
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J. Stanley Metcalfe: ESRC Centre for Innovation and Competition, University of Manchester, Manchester (England)

Economic Analysis and Policy (EAP), 2006, vol. 36, issue 1-2, pages 1-12

Abstract: The lecture explores some connecting principles that link Colin Clark's Conditions of Economic Progress to modern capitalism in which innovation continually transforms the system from within. My exploration touches on the meaning of economic progress, the difficulties if treating the tertiary sector as a residual after accounting for the primary and secondary sectors, and some aspects of innovation in the service of economy. The lesson is that policy focusing on manufacturing innovation ignores Colin Clark's insight that we live in the tertiary sector and that innovations in service activities are the key to further advances in our standards of life.

Keywords: Capitalism; Services (search for similar items in EconPapers)
JEL-codes: O40 L80 O30 P16 (search for similar items in EconPapers)
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